Forex: USD/JPY jumps, limited below 78.80
Forex pairs in this Article »
USD/JPY
FXstreet.com (San Francisco) - The USDJPY pair bounced from the 78.15 area and rallied to a 2-day high of 78.73 on Tuesday, failing to push above the 78.80 resistance area, and ending the North American session at 78.59 vs. 78.20 late Monday.
"The hourly chart shows the bullish tone losing momentum, yet bears are still not showing up: price holds near the highs and above a strongly bullish 20 SMA with the downside so far limited by 78.50 static support," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
Ms. Bednarik adds: "In the 4 hours chart recent retracement erased early upward momentum, although only below mentioned support further downside pressure may be seen."
USDJPY last trades at 78.60 in early Asia, with support levels noted at 78.50, 78.30 and 78.10, while resistance levels lie at 78.80, 79.15 and 79.40.
The BOJ monetary policy meeting starts today, as the market awaits Japanese Current Account and Trade Balance data for June at 23:50 GMT, with the Current Account expected to widen to Y415 Billion.
"The hourly chart shows the bullish tone losing momentum, yet bears are still not showing up: price holds near the highs and above a strongly bullish 20 SMA with the downside so far limited by 78.50 static support," comments Valeria Bednarik, Chief Analyst at FXstreet.com.
Ms. Bednarik adds: "In the 4 hours chart recent retracement erased early upward momentum, although only below mentioned support further downside pressure may be seen."
USDJPY last trades at 78.60 in early Asia, with support levels noted at 78.50, 78.30 and 78.10, while resistance levels lie at 78.80, 79.15 and 79.40.
The BOJ monetary policy meeting starts today, as the market awaits Japanese Current Account and Trade Balance data for June at 23:50 GMT, with the Current Account expected to widen to Y415 Billion.
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