USD/JPY advances are short lived again

By FXstreet.com | August 05, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that although the USD/JPY posted a daily high of 102.92, yet again the advance above 102.80 was short lived.



Key Quotes:



“Stocks slide along with selling interest pushed price back lower. As a new day starts the hourly chart shows price midway between 100 and 200 SMAs, while indicators turned lower and stand right around their midlines”.



“In the 4 hours indicators accelerate south below their midlines, increasing the risk of a downward continuation: the pair has stalled several times between 102.30/40 so a break below the level is required to confirm a new leg lower, eyeing then 101.60 next strong static support zone”.



“Support levels: 102.35 101.95 101.60”.



“Resistance levels: 102.80 103.10 103.40”.



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