USD/JPY longer term risks to the upside persist

By FXstreet.com | August 11, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.25, up 0.06% on the day, having posted a daily high at 102.28 and low at 102.15.

USD/JPY is unchanged while the Nikkei opened up 0.23%. Of late the pair USD/JPY sold off back into its range following the recent failure to make a close above the 102.80 June high and currently the pair is stuck between familiar levels. However, while here and above the 2013-2014 support line at 100.55, Karen Jones, chief analyst at Commerzbank explained that scope will remain for recovery longer term. “Intraday rallies are indicated to struggle on moves to 102.37. Initial target is the 103.15 recent high and then we favour further gains to the 104.13 April peak. This together with the 104.45 78.6% retracement are regarded as the last defence for the 105.45 2014 high”.

USD/JPY Support / Resistance Levels

Support levels: 101.95 101.60 101.20

Resistance levels: 102.35 102.80 103.10

USD/JPY Levels

With spot trading at 102.25, we can see next resistance ahead at 102.28 (Daily 200 SMA), 102.29 (Daily Classic R1), 102.44 (Hourly 200 SMA) and 102.55 (Daily Classic R2). Support below can be found at 102.18 (Hourly 100 SMA), 102.16 (Weekly Classic PP).

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