USD/JPY struggling with uptrend

By FXstreet.com | Updated June 09, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.47, down -0.04% on the day, having posted a daily high at 102.59 and low at 102.42



USD/JPY is motionless while the Nikkei was opening up 0.05%. Meanwhile, Karen Jones, chief analyst at Commerzbank explained that USD/JPY is under pinned by the near term uptrend, but we should see an attempt to tackle resistance circa 103.00. “Directly above here lies the 103.14 2014 resistance line and we suspect the up move will struggle here. 2014 high and long term Fibonacci retracement”.



USD/JPY Levels



With spot trading at 102.48, we can see next resistance ahead at 102.52 (Hourly 20 EMA), 102.52 (Daily Classic PP), 102.53 (Daily Open), 102.53 (Hourly 100 SMA) and 102.59 (Daily High). Support below can be found at 102.42 (Daily Low), 102.38 (Weekly Low), 102.38 (Daily Classic S1), 102.37 (Yesterday's Low) and 102.34 (Weekly Classic PP).



You May Also Like

Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: Will Fed and Greek Elections Keep FX Volatility Boiling

  2. Forex News

    Bullish USD/JPY Outlook Vulnerable to Less-Hawkish Fed, Dismal US GDP

  3. Forex News

    USD/JPY is finishing a choppy week below 20DMA resistance

  4. Forex News

    How Volume and Sentiment Points Towards USDJPY Decline

  5. Forex News

    USD/JPY testing 118.00

Trading Center