Forex: USD/JPY recovery capped by 82.30
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USD/JPY
FXstreet.com (Córdoba) - The Yen strengthened versus most competitors during the European session, dragging USDJPY to a low of 82.10 before halting the decline as risk appetite improved at the beginning of the NY trade.
USDJPY bounced toward the 82.30 area although it failed to recover that level, and it is currently trading just below the 100-hour SMA at 82.25, still down 0.3% on the day.
"The hourly chart shows an increasing bearish momentum, with price standing now below the 100 SMA the first offering resistance around 82.30", says Valeria Bednarik, analyst at FXstreet.com. "Only steady gains above this level will favor a recovery, while acceleration below 81.80 exposes the 81.50 area, 61.8% retracement of the latest monthly fall".
USDJPY bounced toward the 82.30 area although it failed to recover that level, and it is currently trading just below the 100-hour SMA at 82.25, still down 0.3% on the day.
"The hourly chart shows an increasing bearish momentum, with price standing now below the 100 SMA the first offering resistance around 82.30", says Valeria Bednarik, analyst at FXstreet.com. "Only steady gains above this level will favor a recovery, while acceleration below 81.80 exposes the 81.50 area, 61.8% retracement of the latest monthly fall".
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