Forex: USD/JPY retreats to 80.00 support area
Forex pairs in this Article »
USD/JPY
FXstreet.com (Barcelona) - Dollar recovery from 79.65 lows last week was capped at 81.00 area on Wednesday and early Tuesday, and the pair has pulled lower today, breaching support at 80.50 and extending to levels right above 80.00 on Friday's early US session.
On the downside, below 80.00 (Jun 13 lows/psychological level) next support levels lie at 79.65 (Jun 8 low) and then 78.20 (Mar 17 low). On the upside, resistance levels remain at 81.00/05 (Jun 15 high), and above here, 81.30 (Jun 2 spike high) and 81.75 (May 31 high).
Technical indicators show a strong bearish momentum on the pair, says Valeria Bednarik, technical analyst at FXstreet.com: "Having broke the daily short term ascendant trend line, hourly chart shows a strong bearish tone as per 20 SMA above current price and with a strong bearish slope. 4 hours indicators, show a strong bearish momentum, suggesting once below mentioned psychological support, pair may extend the slide near 79.50."
On the downside, below 80.00 (Jun 13 lows/psychological level) next support levels lie at 79.65 (Jun 8 low) and then 78.20 (Mar 17 low). On the upside, resistance levels remain at 81.00/05 (Jun 15 high), and above here, 81.30 (Jun 2 spike high) and 81.75 (May 31 high).
Technical indicators show a strong bearish momentum on the pair, says Valeria Bednarik, technical analyst at FXstreet.com: "Having broke the daily short term ascendant trend line, hourly chart shows a strong bearish tone as per 20 SMA above current price and with a strong bearish slope. 4 hours indicators, show a strong bearish momentum, suggesting once below mentioned psychological support, pair may extend the slide near 79.50."
Free Annual Reports
