Forex: USD/JPY off lows but lacks momentum
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USD/JPY
FXstreet.com (Córdoba) - The yen weakened and gave up most of its earlier gains versus the dollar and the euro amid reports that the Bank of Japan could boost its asset purchases and the lending program by 5-10 trillion JPY next week.
USDJPY bounced from a daily low of 82.10 toward the 82.42 area before losing steam. At time of writing, USDJPY is trading at the 82.35 zone, still down 0.2% on the day.
From a technical view, "repeated failure at 82.80 range top, has triggered fresh pullback below 82.50/20 supports that weakened hourly structure. However, initial recovery signal is seen on hourly Stochastics bounce and RSI starting to point higher, along with 4h chart studies holding positive tone that may prevent the pair of testing initial 82.00 support and 81.70 range floor", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Clearance of minimum 82.50 is seen as a trigger for possible fresh attack at 82.80/83.00, key near-term barriers".
USDJPY bounced from a daily low of 82.10 toward the 82.42 area before losing steam. At time of writing, USDJPY is trading at the 82.35 zone, still down 0.2% on the day.
From a technical view, "repeated failure at 82.80 range top, has triggered fresh pullback below 82.50/20 supports that weakened hourly structure. However, initial recovery signal is seen on hourly Stochastics bounce and RSI starting to point higher, along with 4h chart studies holding positive tone that may prevent the pair of testing initial 82.00 support and 81.70 range floor", said Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Clearance of minimum 82.50 is seen as a trigger for possible fresh attack at 82.80/83.00, key near-term barriers".
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