FXStreet (Córdoba) - The USD/JPY moved to the upside during most of the US session but it was unable to break above 101.90. Price action remained limited during all day, moving in a range of less than 20 pips, the smallest in two weeks. During the Asian session bottomed at 101.73 and then peaked at 101.89.
USD/JPY technical outlook
“In the 4 hours chart indicators stand in positive territory but turning lower, while moving averages maintain a bearish slope albeit below current price”, says Valeria Bednarik, Chief Analyst at FXStreet.
Risk to the downside will likely increase on a break below 101.60 notes Bednarik, but warns that “bulls may take their chances on an advance beyond the 102.00 mark”.