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1 Apr 2014
USD/JPY bullish on hourly chart
FXStreet (Guatemala) - USD/JPY has bounced back on the hourly chart to top f the cloud and holds onto positive territory with the 103 handle.
USD/JPY catching the shorts out
Karen Jones, chief analyst at Commerzbank notes that USD/JPY is bid in its range and cleared the 55 day ma at 102.54, trading at the top of cloud resistance at 103.10.” It is looking less likely that we will see a slide towards the 100.77 February trough and the 200 day moving average at 100.62. Above 103.10 will target the 103.77 March high and the 104.45/78.6% retracement”. She suspects a retest of the 105.45 2014 high, however explained rallies are likely to stall in this vicinity.
USD/JPY Levels (bullish)
Spot is presently trading at 103.23, and next resistance can be seen at 103.26 (Daily High), 103.31 (Weekly Classic R1), 103.32 (Monthly High), 103.45 (Yesterday's High) and 103.58 (Daily Classic R2). Next support to the downside can be found at 103.22 (Daily Open), 103.20 (Daily Classic R1), 103.19 (Daily Low), 103.06 (Hourly 20 EMA) and 102.83 (Weekly High). Regarding candlestick formations, we can see Piercing Line formation on the 1-hour .
USD/JPY catching the shorts out
Karen Jones, chief analyst at Commerzbank notes that USD/JPY is bid in its range and cleared the 55 day ma at 102.54, trading at the top of cloud resistance at 103.10.” It is looking less likely that we will see a slide towards the 100.77 February trough and the 200 day moving average at 100.62. Above 103.10 will target the 103.77 March high and the 104.45/78.6% retracement”. She suspects a retest of the 105.45 2014 high, however explained rallies are likely to stall in this vicinity.
USD/JPY Levels (bullish)
Spot is presently trading at 103.23, and next resistance can be seen at 103.26 (Daily High), 103.31 (Weekly Classic R1), 103.32 (Monthly High), 103.45 (Yesterday's High) and 103.58 (Daily Classic R2). Next support to the downside can be found at 103.22 (Daily Open), 103.20 (Daily Classic R1), 103.19 (Daily Low), 103.06 (Hourly 20 EMA) and 102.83 (Weekly High). Regarding candlestick formations, we can see Piercing Line formation on the 1-hour .