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 claws to 1.6100 ahead of Europe
    Forex News

    GBP/USD claws to 1.6100 ahead of Europe

  2. EUR/USD glued to 1.2755; triggers are wanted
    Forex News

    EUR/USD glued to 1.2755; triggers are wanted

  3. Asia recap: most majors are still sleeping in a ranges; JPY is weakening
    Forex News

    Asia recap: most majors are still sleeping in a ranges; JPY is weakening

  4. Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure
    Forex News

    Gold Struggling Below $1250, SPX 500 Trying to Retake 1900 Figure

  5. US Dollar Technical Analysis: Stalling at Channel Support
    Forex News

    US Dollar Technical Analysis: Stalling at Channel Support

Trading Center