USD/JPY: Sellers rule in Asia

By FXstreet.com | June 09, 2014 AAA

FXStreet (Bali) - USD/JPY is trading under pressure since the get go in Tokyo, printing its lowest for the day at 102.35, weighed by a heavy Nikkei 225, currently at -0.35% after erasing its early gains.



Technically, according to Jim Langlands, Founder at FXCharts: "Little has changed, with the dollar still below the base of the daily cloud (102.58) while also above the 100-DMA at 102.33, and this range could provide the parameters again today.



On the downside, should selling accelerate, Jim identifies "further support is to be seen at 102.27 (Tues’ low/38.2% of 101.43-102.90) & 102.11 (daily Tenkan); a break of this would head back below 102.00, to 101.90 (daily Kijun) and then towards the 200 DMA at 101.50."



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