FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the USD/JPY dropped down to 101.85 in Europe and is still struggling to hold above the 102.00 level after its recovery.



Key Quotes:



“In the short term, the hourly chart shows indicators correcting higher from oversold levels, while moving averages converge in the 102.40 price zone acting as resistance”.



“In the 4 hours chart technical readings are biased lower, keeping the pressure to the downside: 101.70 stands as immediate support, in route to 101.20 stronger support zone”.



“Above 102.40 on the other hand, recovery may extend up to 102.80 doing then little to tip a recovery”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY: Bulls exhausted near 124.20

  2. Forex News

    USD/JPY Technical Analysis: Probing Above 124.00 Figure

  3. Forex News

    AUD bulls retain control in Asia, US Q2 GDP – In spotlight

  4. Forex News

    Fed Doesn’t Relieve Anxiety, GDP Will Take Shot at Dollar and Equities

  5. Forex News

    USD/JPY: Bulls on its way to conquer 124.50

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!