USD/JPY trading back into positive levels

By FXstreet.com | July 30, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 102.80, up 0.03% on the day, having posted a daily high at 102.84 and low at 102.79.



Val Bednarik, Chief analyst at FXStreet explained that the USD/JPY trades at levels not seen since early May, having spiked up to 103.08 before pulling back some. “Technically, the hourly chart shows indicators turning lower in extreme overbought levels, not surprising considering the pair has been rising steadily for 2 weeks in a row. In the 4 hours chart momentum continues to advance while RSI eases some, both far from suggesting a stronger bearish move. Downside corrections towards 102.35 won’t really affect the trend, and buyers will probably surge on approaches to the level, albeit for the most, some consolidation is expected until Friday’s NFP data”.



USD/JPY Levels



With spot trading at 102.81, we can see next resistance ahead at 102.84 (Daily High), 102.89 (Weekly Classic R3), 103.10, 103.40, 103.80 and 105.31 (Annual High) and 105.31 (3 Year High). Support below can be found at 102.79 (Daily Open), 102.79 (Monthly High), 102.79 ,102.35 and 101.95.



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