6 May 2014
USD/JPY falls to 3-week lows
FXStreet (Córdoba) - The USD/JPY accelerated the sell-off on the break of the 101.85 support area and dipped to fresh 3-week lows early American session, as European stocks and US futures fall.
US trade balance data actually had little impact as it came in too close to expectations, but the selling pressure started a few minutes before, sending the USD/JPY to a low of 101.54 so far. At time of writing, the pair is trading at the 101.60 area, 0.52% below its opening price.
However, from a wider perspective, the USD/JPY seems unable to deviate far from the 102.00, which has been a comfort zone over the last 3 months.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that the USD/JPY maintains a clear bearish momentum, eyeing now 101.20, March monthly low.
Bednarik sees immediate support levels at 101.20, 100.70 and 100.35, while she locates resistances at 101.90, 102.35 and 102.60.
US trade balance data actually had little impact as it came in too close to expectations, but the selling pressure started a few minutes before, sending the USD/JPY to a low of 101.54 so far. At time of writing, the pair is trading at the 101.60 area, 0.52% below its opening price.
However, from a wider perspective, the USD/JPY seems unable to deviate far from the 102.00, which has been a comfort zone over the last 3 months.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that the USD/JPY maintains a clear bearish momentum, eyeing now 101.20, March monthly low.
Bednarik sees immediate support levels at 101.20, 100.70 and 100.35, while she locates resistances at 101.90, 102.35 and 102.60.