9 Apr 2014
USD/JPY bullish hammer 1-hour stick, testing 102.00
FXStreet (Guatemala) - USD/JPY has continued climbing higher post the Tokyo open and is attempting 102.00. Currently, USD/JPY is trading at 101.94, up 0.16% on the day, having posted a daily high at 101.99 and low at 101.78.
However, earlier on, the yen had strengthen modestly today with the release of the slightly weaker than expected US employment report for March. The yen was also given support from more risk-averse trading conditions. Looking at price patterns, we can see a Hammer 1-hour candlestick formation indicating a loss of momentum to the downside as bulls are strengthening.
USD/JPY technically neutral
Looking to a daily chart, we see that RSI is neutral at 41.46. The 200 SMA is currently at 102.78, down from 103.17 at the last period close, and declining on the hourly USD/JPY chart. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish. RSI is in neutral territory at 56.33, up from it’s last hourly close at 32.34, while ADX is trending above 30 at 34.88, down from 40.19 at the last hourly close.
USD/JPY Levels
Current price is 101.97, with resistance ahead at 101.99 (Daily High), 102.05 (Weekly Classic S2), 102.16 (Daily Classic PP), 102.19 (Hourly 20 EMA) and 102.67 (Weekly Classic S1). Next support to the downside can be found at 101.81 (Weekly Low), 101.81 (Daily Open), 101.78 (Daily Low), 101.55 (Yesterday's Low) and 101.36 (Monthly Low).
However, earlier on, the yen had strengthen modestly today with the release of the slightly weaker than expected US employment report for March. The yen was also given support from more risk-averse trading conditions. Looking at price patterns, we can see a Hammer 1-hour candlestick formation indicating a loss of momentum to the downside as bulls are strengthening.
USD/JPY technically neutral
Looking to a daily chart, we see that RSI is neutral at 41.46. The 200 SMA is currently at 102.78, down from 103.17 at the last period close, and declining on the hourly USD/JPY chart. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bearish. RSI is in neutral territory at 56.33, up from it’s last hourly close at 32.34, while ADX is trending above 30 at 34.88, down from 40.19 at the last hourly close.
USD/JPY Levels
Current price is 101.97, with resistance ahead at 101.99 (Daily High), 102.05 (Weekly Classic S2), 102.16 (Daily Classic PP), 102.19 (Hourly 20 EMA) and 102.67 (Weekly Classic S1). Next support to the downside can be found at 101.81 (Weekly Low), 101.81 (Daily Open), 101.78 (Daily Low), 101.55 (Yesterday's Low) and 101.36 (Monthly Low).