USD/JPY ranges not enticing a trade

By FXstreet.com | June 06, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.54, up 0.13% on the day, having posted a daily high at 102.63 and low at 102.11.

USD/JPY price action has been around the US calendar and the main event that was the US non-farm payrolls, which rose by 217k in May, in line with expectations. Technically, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank suggests that the USD/JPY short‐term technical’s are bullish but range bound and notes that upward momentum is already fading. “There is better risk/reward elsewhere for near‐term traders." Meanwhile, Karen Jones, chief analyst at Commerzbank explained that dips lower should find initial support at 102.15 again ahead of 101.96, the near term uptrend. “The 200 day ma at 101.48 guards the 100.75/74 key support – the 2014 low and 55 week ma. Above 103.16 will target the 104.13 April 2014 high and the 105.45/50 2014 high and long term Fibonacci retracement”.

USD/JPY Levels

Spot is presently trading at 102.55, and next resistance can be seen at 102.63 (Daily High), 102.68 (Daily Classic R1), 102.73 (Monthly High), 102.73 (Weekly High) and 102.79 (Yesterday's High). Next support to the downside can be found at 102.52 (Weekly Classic R2), 102.51 (Daily Classic PP), 102.49 (Hourly 100 SMA), 102.43 (Hourly 20 EMA) and 102.41 (Daily Open).

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY bulls need to take a breath before a new attack at 110.00
    Forex News

    USD/JPY bulls need to take a breath before a new attack at 110.00

  2. USD/JPY: 110.00 pivot held the initial test
    Forex News

    USD/JPY: 110.00 pivot held the initial test

  3. Video: EURUSD Event Risk, Campaign for USDJPY Reversal, EM Trouble
    Forex News

    Video: EURUSD Event Risk, Campaign for USDJPY Reversal, EM Trouble

  4. USD/JPY about to kiss 110.00, broad-based USD strength
    Forex News

    USD/JPY about to kiss 110.00, broad-based USD strength

  5. USD/JPY remains threatening to the upside
    Forex News

    USD/JPY remains threatening to the upside

Trading Center