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Forex pairs in this Article » USD/JPY
FXstreet.com (Barcelona) - Having surged overnight to post a high since 2008 at 103.92, USD/JPY declined into the European session to find support at Tuesday’s high, before pushing higher to where it presently trades at 103.69.

USD/JPY led higher by exporter hedging efforts

Overnight, the pair saw a surge higher off stops being triggered following a combination of Japanese retail demand and Exporter hedging efforts. The move higher saw spot capped at 104, before finding support at Tuesday’s high at 103.40. However, news that Japan’s next budget policy expenses will be a record high, around JPY73 Trillion, has helped instigate a move towards highs.

What are today’s key USD/JPY levels?

RSI is presently at 65 and ranging just below overbought territory, with ADX at 38. The hourly 200 SMA sits at 102.71, sloping higher alongside the daily 20 EMA at 101.81. The daily pivot point can be found at 103.00, with support below at 102.6543 (S1), 102.0022 (S2) and 101.6493 (S3), and resistance above at 103.6593 (R1), 104.0122 (R2) and 104.6643 (R3). The range 103.32-102.98 should provide technical support, with several key technical levels clustered.
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