14 Apr 2014
USD/JPY: Support at 100.20/50 holds, but for how long?
FXStreet (Bali) - USD/JPY was unable to move away from the 101.20/50 support last week, after failed attempts to bounce, with meet grateful sellers well camped ahead of the 102.00 round number.
The exchange rate is presently at the 101.50 support ahead of the Tokyo session, with sizeable bids still reported all the way down to 101.20; a break would expose 100.80. Today's Nikkei performance, which maintains a bearish stance after failing to hold support at 14,000, should be key to determine the next move.
In view of Jim Langlands, Founder at FXCharts: "The intraday indicators are attempting to recover from having become oversold and I am not sure that 101.20 is going to be seen today, but if wrong, then we should expect a run towards 101.00 and probably to the 4 Feb low at 100.75, roughly where rising trend support and the 200 DMA also lie, and thus should be strong support."
The exchange rate is presently at the 101.50 support ahead of the Tokyo session, with sizeable bids still reported all the way down to 101.20; a break would expose 100.80. Today's Nikkei performance, which maintains a bearish stance after failing to hold support at 14,000, should be key to determine the next move.
In view of Jim Langlands, Founder at FXCharts: "The intraday indicators are attempting to recover from having become oversold and I am not sure that 101.20 is going to be seen today, but if wrong, then we should expect a run towards 101.00 and probably to the 4 Feb low at 100.75, roughly where rising trend support and the 200 DMA also lie, and thus should be strong support."