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Forex pairs in this Article » USD/JPY
FXStreet (Córdoba) - After falling a hundred pips on Monday, the USD/JPY is recovering ground early in Asia, and recently reached a fresh daily high at 101.38. Despite rising is still trading far from the price it started the current week.

Stocks in Asia are plunging. The Nikkei 225 is falling 2.55% (earlier it was down more than -3%) and other regional markets are losing around 2%. Despite risk aversion the USD/JPY is holding above 101.00 so far. Currently trades near the highs at 101.30, 60 pips above Monday’s lows.

Technical outlook for the USD/JPY

Since the beginning of the year the pair is moving with a bearish bias. “With the 4 hour and daily indicators pointing lower, I suspect that any squeeze today towards 101.40 should provide a selling opportunity for another run to the downside, but would be looking to take profit as we head towards 100.00”, says Jim Langlands, from FX Charts.

The first major resistance according to Langlands lies at 101.70, ahead of 102.00 while to the downside, he places support at 100.60, ahead of 100.06 (where the 200 daily moving average stands), “which should be strong”.
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