25 Mar 2014
USD/JPY signals turning more positive
FXStreet (Guatemala) - USD/JPY has been a slow burner today between 102.20 support and the high on the New York session of 102.50. However, signals are starting to turn more positive.
USD/JPY has, in fact, been trading in a sideways channel and consolidating since the surge through 102.00 last week from 101.60. Chief analyst, Karen Jones, at Commerzbank, also explained that the USD/JPY is sidelined to bid in its range, but the topside so far has been thwarted by the 55 day ma at 102.72. “The intraday signals are turning more positive and it is looking less likely that we will see a slide towards the 100.77 February trough and the 200 day moving average at 100.47”. She went onto note that resistance comes in at the February high at 102.83 as well as the mid January low at 102.85. “We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.88”.
USD/JPY Levels
The 20 DMA is 102.27, the 50 DMA is 102.55 and the 200 DMA is 100.46. RSI (14) reads 60.01. Supports are ascending from 101.69, 101.89, 102.01 and 102.13. Spot is 102.26. Resistances are 102.39, 102.69, 102.86 and 103.43.
USD/JPY has, in fact, been trading in a sideways channel and consolidating since the surge through 102.00 last week from 101.60. Chief analyst, Karen Jones, at Commerzbank, also explained that the USD/JPY is sidelined to bid in its range, but the topside so far has been thwarted by the 55 day ma at 102.72. “The intraday signals are turning more positive and it is looking less likely that we will see a slide towards the 100.77 February trough and the 200 day moving average at 100.47”. She went onto note that resistance comes in at the February high at 102.83 as well as the mid January low at 102.85. “We have a multitude of supports between 101 and 100. We look for this ‘zone’ to underpin. This area is also reinforced by the 55 week ma at 99.88”.
USD/JPY Levels
The 20 DMA is 102.27, the 50 DMA is 102.55 and the 200 DMA is 100.46. RSI (14) reads 60.01. Supports are ascending from 101.69, 101.89, 102.01 and 102.13. Spot is 102.26. Resistances are 102.39, 102.69, 102.86 and 103.43.