USD/JPY easing out of overbought conditions

By FXstreet.com | July 31, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that having failed to extend beyond 103.00, the USD/JPY trades steadily around 102.80 area, coming under pressure not only because stocks in red, but also because US yields, giving up most of yesterday’s gains.



Key Quotes:



“The hourly chart however shows price holding in a tight range with moving averages still heading higher below current price, and indicators flat in neutral territory”.



“In the 4 hours chart technical readings ease from overbought territory supporting some downward correction towards 102.35, albeit range will likely prevail ahead of US news, which at the end will be the ones deciding the pair’s destiny”.



“Support levels: 102.35 101.95 101.60”.



“Resistance levels: 103.10 103.40 103.80”



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD claws to 1.6100 ahead of Europe
    Forex News

    GBP/USD claws to 1.6100 ahead of Europe

  2. EUR/USD glued to 1.2755; triggers are wanted
    Forex News

    EUR/USD glued to 1.2755; triggers are wanted

  3. Asia recap: most majors are still sleeping in a ranges; JPY is weakening
    Forex News

    Asia recap: most majors are still sleeping in a ranges; JPY is weakening

  4. Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure
    Forex News

    Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure

  5. US Dollar Technical Analysis: Stalling at Channel Support
    Forex News

    US Dollar Technical Analysis: Stalling at Channel Support

Trading Center