Filed Under:
Forex pairs in this Article » USD/JPY
FXStreet (Guatemala) - USD/JPY has been mostly bid on Thursday’s 101.80 run and bullish trend to todays highs approaching 103.00 psychological level. The pair is attempting the downside but this is suspected as pure profit taking ahead of the weeks close in European and North American markets.

Karen Jones, chief strategist at Commerzbank explained, “While the market holds over its 101.45 3 month support line, it will continue to hold a slight upside bias”. She continued to explain that the recent move above the 20 day ma suggests upside scope for further recovery and we should see a move to 103.45 (29th Jan high). “This guards 104.45 en route to the more important 105.45/50 recent high and long term Fibo. We have a multitude of supports between 101 and 100, we look for this ‘zone’ to under pin. This area is also reinforced by the the 200 day m.a. at 100.19 and the 55 week ma at 99.23”.

USD/JPY Levels

The 20 DMA is 102.18, the 50 DMA is 103.41 and the 200 DMA is 100.19. RSI (14) reads 58.77. Supports are ascending from 101.38, 101.53, 101.60, 101.97 and 102.50. Spot is 102.55 while resistances are 102.60, 102.74, 102.94 and 103.45.
comments powered by Disqus