2 Dec 2013
USD/JPY, second topside failure at 102.60
FXstreet.com (Barcelona) - USD/JPY is confined between 102.60 and 102.25 after early volatility saw the pair retest Friday's high, however, a solid cluster of offers around the level continued to disallow further upside, leading to a retreat into support area.
Further weighing on the incapacity of Yen crosses to expand gains was the fact that the Nikkei 225 continues to struggle at the 15,700 key technical juncture, a level which keeps the market in a phase of redistribution between demand and supply.
Technically, as Valeria Bednarik, Chief Analyst at FXstreet.com, notes: "The hourly chart maintains the bullish tone, with indicators regaining the upside above their midlines and price developing well above moving averages, while the 4 hours chart also shows a positive tone. A price acceleration above 102.60 should favor a quick advance towards 102.90, in route to 103.70."
Further weighing on the incapacity of Yen crosses to expand gains was the fact that the Nikkei 225 continues to struggle at the 15,700 key technical juncture, a level which keeps the market in a phase of redistribution between demand and supply.
Technically, as Valeria Bednarik, Chief Analyst at FXstreet.com, notes: "The hourly chart maintains the bullish tone, with indicators regaining the upside above their midlines and price developing well above moving averages, while the 4 hours chart also shows a positive tone. A price acceleration above 102.60 should favor a quick advance towards 102.90, in route to 103.70."