USD/JPY holding form at 101.80

By FXstreet.com | July 24, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.79, down -0.02% on the day, having posted a daily high at 101.85 and low at 101.78.



USD/JPY remains range-bound, holding at the top of the recent rally. Val Bednarik, Chief analyst at FXStreet noted that the USD/JPY finally managed to overcome the 101.60 level, accelerating higher once stops got out of the way. “The pair stalled a few pips below critical resistance around 101.95, 200 DMA. In the short term, the hourly chart shows a strong upward momentum despite RSI stands in overbought territory. Price stands well above moving averages, but 200 one stands above 100 one, which fails to confirm the upward potential. In the 4 hours chart indicators are slightly exhausted to the upside but still in positive territory. Some follow through above 101.95, may see the pair extending the upside up to 102.80 next strong midterm resistance”.



USD/JPY Levels



Current price is 101.79. Next support to the downside can be found at 101.70 (Hourly 20 EMA), 101.70 (Daily Classic R2) and 101.59 (Daily Classic R1), 101.20/05. Resistance comes 101.95, 102.35 and 102.80.



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