6 May 2014
USD/JPY; Pressure building up on the 102 handle
FXStreet (Guatemala) - USD/JPY is trading at 102.17, up 0.04% on the day, having posted a daily high at 102.21 and low at 102.12.
USD/JPY is flattening out on the ascending trend line with pressure building up on the 102 handle. While we are light on the calendar, what we do have this week is Yellen’s testimony. This is a risk because investors are still getting used to her communication style, as noted by strategists at Brown Brothers Harriman. “And arguably, she is getting used to presenting as the Fed chief, though her resume in public service is extensive and impressive. However, the risk of her going off message before Congress seems marginal at best”.
USD/JPY Levels
Spot is presently trading at 102.18, and next resistance can be seen at 102.21 (Daily High), 102.27 (Yesterday's High), 102.29 (Hourly 100 SMA), 102.33 (Hourly 200 SMA) and 102.38 (Daily 20 SMA). Next support to the downside can be found at 102.15 (Daily Open), 102.14 (Weekly Low), 102.12 (Daily Low), 102.10 (Hourly 20 EMA) and 101.87 (Daily Classic S1).
USD/JPY chart formations
Regarding candlestick formations, we can see Doji formation on the 1-hour.
USD/JPY is flattening out on the ascending trend line with pressure building up on the 102 handle. While we are light on the calendar, what we do have this week is Yellen’s testimony. This is a risk because investors are still getting used to her communication style, as noted by strategists at Brown Brothers Harriman. “And arguably, she is getting used to presenting as the Fed chief, though her resume in public service is extensive and impressive. However, the risk of her going off message before Congress seems marginal at best”.
USD/JPY Levels
Spot is presently trading at 102.18, and next resistance can be seen at 102.21 (Daily High), 102.27 (Yesterday's High), 102.29 (Hourly 100 SMA), 102.33 (Hourly 200 SMA) and 102.38 (Daily 20 SMA). Next support to the downside can be found at 102.15 (Daily Open), 102.14 (Weekly Low), 102.12 (Daily Low), 102.10 (Hourly 20 EMA) and 101.87 (Daily Classic S1).
USD/JPY chart formations
Regarding candlestick formations, we can see Doji formation on the 1-hour.