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).



comments powered by Disqus
Related Forex Analysis
  1. GBP/USD recovering from Asian lows
    Forex News

    GBP/USD recovering from Asian lows

  2. USD/JPY mellow on the back of USD sell-off
    Forex News

    USD/JPY mellow on the back of USD sell-off

  3. Dollar Cheered in Press, But Data and Fed Chatter Turning
    Forex News

    Dollar Cheered in Press, But Data and Fed Chatter Turning

  4. EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation
    Forex News

    EUR/USD Downside Targets Favored Ahead of ECB on Slowing Inflation

  5. US Dollar Technical Analysis: Is a Pullback in the Cards?
    Forex News

    US Dollar Technical Analysis: Is a Pullback in the Cards?

Trading Center