USD/JPY steady in bear trend on the opening of Tokyo

By FXstreet.com | July 10, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.28, down -0.06% on the day, having posted a daily high at 101.36 and low at 101.25.



Nikkei opened down 0.75% and USD/JPY is steady trading around 101.30. Valeria Bednarik, chief analyst at FXStreet explained the hourly chart is showing indicators correcting higher from extreme oversold readings, but price seems unable to follow, while 100 SMA maintains a strong bearish slope well above current price. “In the 4 hours chart the picture is pretty similar, with recoveries up to 138.40 seen as corrective now”. She explains a break below 137.40 on the other hand, exposes the pair to a continued slide, eyeing 136.60 for this Friday in European and US closing markets..



USD/JPY Levels



Current price is 101.28, with resistance ahead at 101.33 (Monthly Low), 101.34 (Weekly Low), (Daily Open), 101.36 (Daily High) and 101.36 (Daily Classic PP). Next support to the downside can be found at 101.25 (Daily Low), 101.07 (Yesterday's Low), 101.04 (Daily Classic S1), 101.00 (YTD Low) and 100.81 (Weekly Classic S2).



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