USD/JPY giving us a bullish technical play

By FXstreet.com | Updated June 06, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.52, up 0.11% on the day, having posted a daily high at 102.63 and low at 102.11.

USD/JPY is reading slightly overbought conditions but Tim Riddell, Head of Global Markets Research at ANZ suggests the solid support found at 100.70-00 and a sound turn in daily momentum into June are providing USD with renewed upside potential, and this suggests that the 104.00-15 area should be retested relatively soon. “Interim resistance at 103.10 may confound the current bias for an early retest of 104.10-15, but a close below 101.85 is needed to force a continuation of the consolidation pattern (could even initiate another down-leg)”. He further added a bullish statement to finish as we come to the closing hour, “Despite the remaining concerns over the consolidation pattern continuing, the recent rebounds are encouraging. As noted in the weekly slide, a close above 104.15 should trigger a retest of 105.50-60, with larger gains for H2 2014”.

USD/JPY Levels

Spot is presently trading at 102.52, and next resistance can be seen at 102.63 (Daily High), 102.68 (Daily Classic R1), 102.73 (Monthly High), 102.73 (Weekly High) and 102.79 (Yesterday's High). Support below can be found at 102.52 (Weekly Classic R2), 102.51 (Daily Classic PP), 102.49 (Hourly 100 SMA), 102.45 (Hourly 20 EMA) and 102.41 (Daily Open).

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