18 Feb 2014
USD/JPY snapped back down to 102.00 as Nikkei turns lower
FXStreet (Bali) - USD/JPY has come off highs in Asia, pulling back from 102.15 high down to 101.95 after a reversal lower in the Nikkei 225, which remains in positive territory (+0.8%) but well off highs.
USD/JPY bearish trend ST still on
While the latest run-up in the pair has managed to break the hourly kumo cloud to the upside, the move does not alter the bearish technical picture short term, which favours selling in rallies as long as the structure of lower lows in the daily/H4 chart continues.
USD/JPY indicators correcting oversold conditions
According to Valeria Bednarik, Chief Analyst at FXStreet: "In the 4 hours chart latest recovery helped indicators correct oversold readings, yet remain below their midlines, which will likely prevent the pair from advancing much further..."
USD/JPY bearish trend ST still on
While the latest run-up in the pair has managed to break the hourly kumo cloud to the upside, the move does not alter the bearish technical picture short term, which favours selling in rallies as long as the structure of lower lows in the daily/H4 chart continues.
USD/JPY indicators correcting oversold conditions
According to Valeria Bednarik, Chief Analyst at FXStreet: "In the 4 hours chart latest recovery helped indicators correct oversold readings, yet remain below their midlines, which will likely prevent the pair from advancing much further..."