Forex: USD/JPY more range trading above 78.00
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USD/JPY
FXstreet.com (Barcelona) - With Nikkei index opening flat at around the 8800 points losing -0.02% and Japan monetary base released at 6.5% year on year when an increase of 9.4% was expected, USDJPY is at 78.33 sightly off session highs 3 pips above, bouncing from European and NY session lows at 78.25. The pair traded in range Monday with daily lows at 78.19 during yesterday's Asia-Pacific open, and highs at 78.40 during early London.
As Valeria Bednarik, Chief Analyst at Fxstreet.com points out: "Trading in range, and lacking direction according to technical readings, the USDJPY holds the overall bearish tone seen over the past few days, with the upside well capped by 78.80 selling interest, and the downside exposed once below 78.10, towards 77.90 first and 77.65 later," the analyst says.
Support levels are located at: 78.10 77.90, and 77.65, while Valeria sees resistance levels at: 78.45 78.80, and 79.05.
As Valeria Bednarik, Chief Analyst at Fxstreet.com points out: "Trading in range, and lacking direction according to technical readings, the USDJPY holds the overall bearish tone seen over the past few days, with the upside well capped by 78.80 selling interest, and the downside exposed once below 78.10, towards 77.90 first and 77.65 later," the analyst says.
Support levels are located at: 78.10 77.90, and 77.65, while Valeria sees resistance levels at: 78.45 78.80, and 79.05.
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