USD/JPY struggling on the 102 handle

By FXstreet.com | June 17, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.13, up 0.30% on the day, having posted a daily high at 102.26 and low at 101.81.

USD/JPY has struggled through 102 and is mostly offered towards the closing bell in New York. Val Bednarik, Chief analyst at FXstreet explained that the USD/JPY advanced some above 102.00 on stocks gains, but remained capped below its 200 SMA in the hourly chart, unable to advance any further since US opening. “The same time frame shows momentum heading north in positive territory, but CCI diverging lower, anticipating a probable price retracement. 100 SMA stands around 101.90 offering short term support, while the 4 hours chart an overall positive tone, with indicators in positive territory yet lacking strength. As commented earlier, some follow through pass 102.35 is required to confirm a stronger advance, looking for a test of the 102.80 price zone”.

USD/JPY Levels

Spot is presently trading at 102.14, and next resistance can be seen at 102.18 (Hourly 200 SMA), 102.22 (Daily 100 SMA), 102.26 (Daily High), 102.28 (Daily Classic R2) and 102.35 (Weekly High). Next support to the downside can be found at 102.11 (Yesterday's High), 102.10 (Weekly Classic PP), 102.08 (Daily 20 SMA), 102.06 (Daily Classic R1) and 102.06 (Hourly 20 EMA).

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