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5 Jun 2014
USD/JPY challenged by offers ahead of 103 handle
FXStreet (Guatemala) - USD/JPY is trading at 102.44, down -0.28% on the day, having posted a daily high at 102.79 and low at 102.34.
USD/JPY supply has kept the pair in check and post a 30 pip slide, the pair remains sluggish. Karen Jones, chief analyst at Commerzbank noted that USD/JPY has a 13 count on the 240 minute chart and TD resistance at 103.00. “Directly above here lies the 103.21 2014 resistance line. All this suggests is that we are unlikely to clear this resistance line any time soon. Dips lower should find initial support at 102.30/15 ahead of 101.86. The 200 day ma at 101.46 guards the 100. 75/74 key support –the 2014 low and 55 week ma”. She further explained that above 103.21 will target the 104.13 April 2014 high and the 105.45/50 2014 high and long term Fibonacci retracement.
USD/JPY Levels
Current price is 102.44, with resistance ahead at 102.51 (Daily Classic S1), 102.52 (Weekly Classic R2), 102.55 (Hourly 20 EMA), 102.66 (Daily Classic PP) and 102.73 (Monthly High). Next support to the downside can be found at 102.44 (Yesterday's Low), 102.36 (Hourly 100 SMA), 102.35 (Daily 100 SMA), 102.34 (Daily Low) and 102.29 (Daily Classic S2).
USD/JPY supply has kept the pair in check and post a 30 pip slide, the pair remains sluggish. Karen Jones, chief analyst at Commerzbank noted that USD/JPY has a 13 count on the 240 minute chart and TD resistance at 103.00. “Directly above here lies the 103.21 2014 resistance line. All this suggests is that we are unlikely to clear this resistance line any time soon. Dips lower should find initial support at 102.30/15 ahead of 101.86. The 200 day ma at 101.46 guards the 100. 75/74 key support –the 2014 low and 55 week ma”. She further explained that above 103.21 will target the 104.13 April 2014 high and the 105.45/50 2014 high and long term Fibonacci retracement.
USD/JPY Levels
Current price is 102.44, with resistance ahead at 102.51 (Daily Classic S1), 102.52 (Weekly Classic R2), 102.55 (Hourly 20 EMA), 102.66 (Daily Classic PP) and 102.73 (Monthly High). Next support to the downside can be found at 102.44 (Yesterday's Low), 102.36 (Hourly 100 SMA), 102.35 (Daily 100 SMA), 102.34 (Daily Low) and 102.29 (Daily Classic S2).