USD/JPY opening in Tokyo bearish

By FXstreet.com | June 23, 2014 AAA

FXStreet (Guatemala) - Currently, USD/JPY is trading at 101.88, down -0.04% on the day, having posted a daily high at 101.96 and low at 101.87.

USD/JPY, with the Nikkei 225 opening lower, remains in neutral territory but attempting the downside. RSI is in neutral territory at 42.90, down from it’s last hourly close at 44.14, while ADX is trending above 30 at 39.33, up from 18.09 at the last hourly close. Looking to a daily chart, we see that RSI is neutral at 47.39. The 200 SMA is currently at 101.96, down from 101.97 at the last period close, and declining on the hourly USD/JPY chart. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained, "USD/JPY short‐term technicals: bearish—as per table—however technical studies suggest a range bound environment and are not providing reliable trading cues. Support lies at the 200-day of 101.65; while resistance is at the 100-day MA at 102.21."

USD/JPY Levels

Current price is 101.84, with resistance ahead at 101.92 (Hourly 20 EMA), 101.93 (Daily Open), 101.96 (Daily High), 101.97 (Hourly 200 SMA) and 102.00 (Hourly 100 SMA). Support comes 101.83 (Weekly Low), 101.82 (Yesterday's Low) and 101.73 (Weekly Classic S1).

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