USD/JPY indicators offer room to downside

By FXstreet.com | July 18, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.34, up 0.17% on the day, having posted a daily high at 101.46 and low at 101.09.



USD/JPY has been a range bound 110 pip play throughout global markets today and as we approach the closing hours we look for a technical solution. Eric Theoret, Currency Strategist at Scotiabank suggests that there are short-term technical that are painting a bearish out look for USD/JPY. ”The MACD and RSI are only modestly bearish, providing for ample downside in the event of a decline. However, we note steady support in the 101.00 to 101.20 range. For resistance, we look to the 9 day MA (101.48) followed by the 21 day MA (101.67)."



USD/JPY Levels



Spot is presently trading at 101.35, and next resistance can be seen at 101.36 (Hourly 20 EMA), 101.46 (Daily High), 101.51 and (Hourly 200 SMA). Next support to the downside can be found at 101.18 (Daily Open) and 101.06 (Last weeks low).



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