USD/JPY holds above the 102.00 level - FXStreet

By FXstreet.com | August 11, 2014 AAA

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that USD/JPY is trading above the 102.00 level on Monday, although without a considerable boost from the recovery in Nikkei.



Key quotes



"Technically, the hourly chart shows price holding price below a still bearish 100 SMA with 200 one above it, and indicators turning lower around their midlines."



"In the 4 hours chart indicators retrace from their midlines, suggesting latest recovery from 101.50 has been corrective."



"Nevertheless, a downward acceleration below 101.95 is required to confirm a bearish move, while the upside remains limited by 102.30/40 static resistance zone."



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