FXStreet (Guatemala) - USD/JPY is trading at 101.78, up 0.01% on the day, having posted a daily high at 101.82 and low at 101.77.

The USD/JPY made a good move to the upside ahead of a phase of consolidation around critical levels which gives us a bullish scenario post a constructive looking week. A close here will be key. Valeria Bednarik, chief analyst at FXStreet explained that the hourly chart shows price overcame its 100 and 200 SMAs, while indicators stand near overbought levels, albeit price refuses to retrace. “In the 4 hours chart technical readings present a clear bullish tone that supports a continued ride, eyeing as critical resistance the 102.80 price zone”. Meanwhile, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted how we are still trading within yesterday’s range and the broader multi-month range. “In line with the BoJ objectives, the monetary base has risen to a new record of ¥243trn."

USD/JPY Levels

Spot is presently trading at 101.79, and next resistance can be seen at 101.80 (Daily Classic R2), 101.82 (Daily High), 101.85 (Daily 20 SMA), 101.86 (Yesterday's High) and 101.87 (Weekly High). Next support to the downside can be found at 101.77 (Daily Open), 101.77 (Daily Low), 101.73 (Daily 200 SMA), 101.70 (Hourly 200 SMA) and 101.68 (Hourly 20 EMA).

Related Articles
  1. Forex Education

    Four Currencies Under the Spotlight in 2016

    With currencies having become the “tail that wags the dog,” in terms of their impact on the global economy, these four currencies will be under the spotlight in 2016.
  2. Forex Fundamentals

    These Currencies Are The Biggest Losers Of The Stock Downturn

    Here’s a list of the hardest-hit currencies amid the global stock market mayhem.
  3. Forex Strategies

    Will the Euro Continue to Rally? (EUO)

    The euro is rallying. Should investors chase this performance or is the real opportunity on the other side of the trade?
  4. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  5. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  6. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  7. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  8. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  9. Investing

    Financial News Comparison: Bloomberg Vs. Reuters (BAC, GOOG)

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  10. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
Trading Center