USD/JPY retracing further sub 103 handle - FXStreet

By FXstreet.com | August 04, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY lost some ground, retracing further from the 103.00 area.



Key Quotes:



“The hourly chart shows price below its 100 SMA that anyway maintains a bullish slope, while momentum heads slightly lower below its midline”.



“In the 4 hours chart indicators present a clear bearish tone, yet some follow through below 102.35 is required to confirm a new leg lower, eyeing 101.95 first, and 101.60 as final target for Tuesday. Sellers should appear on approaches to 102.80 strong static resistance level”.



“Support levels: 102.35 101.95 101.60”.



“Resistance levels: 102.80 103.10 103.40”.



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