20 Jan 2014
USD/JPY ends Monday above 104.00
FXstreet.com (Córdoba) - On a quiet trading day the USD/JPY finished on Monday practically unchanged at 104.20, less than 10 pips below Friday's closing price. The US dollar was able to recover after trading two times below 104.00. During the Asian session the USD/JPY bottomed at 103.85 and rebounded to 104.25; once again, on European hours, fell toward daily lows but rebounded rising back above 104.00.
Short-term outlook for the USD/JPY
The pair posted the third decline in a row but losses since the beginning of the week had been modest. In a short-term perspective the pair is moving with a downside bias. Despite being rejected recently from below 104.00, the US dollar was unable to climb above 104.25, making lower highs since last Friday, while everyday since then reached fresh lows.
To the upside immediate resistance lies at 104.25 (European session high) and above at 104.50 (January 17 high) and 104.70. On the opposite direction support levels lie at 103.85 (January 18 low) and below at 103.50 and 103.20.
Short-term outlook for the USD/JPY
The pair posted the third decline in a row but losses since the beginning of the week had been modest. In a short-term perspective the pair is moving with a downside bias. Despite being rejected recently from below 104.00, the US dollar was unable to climb above 104.25, making lower highs since last Friday, while everyday since then reached fresh lows.
To the upside immediate resistance lies at 104.25 (European session high) and above at 104.50 (January 17 high) and 104.70. On the opposite direction support levels lie at 103.85 (January 18 low) and below at 103.50 and 103.20.