5 May 2014
USD/JPY contained by 101.85
FXStreet (Córdoba) - While investors await US services PMI figures, the USD/JPY is taking a breather following a sell-off seen during the Asian session amid risk aversion given growing tensions in Ukraine and weak Chinese manufacturing figures.
The USD/JPY has been confined to a consolidation phase ahead of the New York opening, as the pair continues to find support at the 101.85 area and bounces are being capped by the 102.10 zone. At time of writing, the USD/JPY is trading at 101.98, still 0.21% down on the day.
USD/JPY technical outlook
“A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 101.02) and 101.33 (11/04/2014 low, see also the rising trendline from the 93.79 low (13/06/2013) holds”, said Ipek Ozkardeskaya, analyst at Swissquote Bank. “A major resistance stands at 110.66 (15/08/2008 high)”.
The USD/JPY has been confined to a consolidation phase ahead of the New York opening, as the pair continues to find support at the 101.85 area and bounces are being capped by the 102.10 zone. At time of writing, the USD/JPY is trading at 101.98, still 0.21% down on the day.
USD/JPY technical outlook
“A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 101.02) and 101.33 (11/04/2014 low, see also the rising trendline from the 93.79 low (13/06/2013) holds”, said Ipek Ozkardeskaya, analyst at Swissquote Bank. “A major resistance stands at 110.66 (15/08/2008 high)”.