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Forex pairs in this Article » USD/JPY
FXStreet (Guatemala) - USD/JPY has been testing the resistance during the US session after opening London lower post China news.

The Yen strengthened yesterday over concerns for the outlook for the Chinese economy. The Shanghai Composite equity index sank to a 2 week low by around 1.8%. Earlier and overnight, US equities headed into record levels, buoying the dollar to an extent but supply in USD/JPY capped the pair into the afternoon and sees us in a stalemate position to start the day. In the US Markit US service sector PMI dropped to 52.7 flash for February from 56.7 final in January, then the Dallas Fed index dipped to 0.3% in February from 3.8 in January and finally the S&P 500 rose 0.6%, making the intraday record high but closed well below. There is not a great deal going on the calendar for us until Thursday streams of data from Japan. Meanwhile, technically, USD/JPY, Karen Jones, chief analyst at Commerzbank said “ The recent move above the 20 day ma suggests upside scope for further recovery and we should see a move to 103.35/45 (the 55 day ma + 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 103.39 and the 200 DMA is 100.19. RSI (14) reads 45.37. supports are ascending from 101.33, 101.53, 101.67, 101.97. Spot is 102.40 while resistances are 102.68, 102.85 and 102.94.
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