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5 Jun 2014
USD/JPY taking a backseat for now – FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet commented on the Yen and explained that the USD/JPY did nothing this Thursday, confined to a 40 pips range for most of the day, and trading near the lows on dollar general weakness.
Key Quotes:
“The hourly chart shows price was unable to extend above the weekly high of 102.79, and price slowly grinded lower, finding short term support in a still bullish 20 SMA around 102.30. In the same time frame, indicators aim higher in negative territory, while the 4 hours chart shows indicators heading firmly down right above their midlines”.
“Further downward moves seem limited with such strength in stocks and again ahead of US employment figures. Nevertheless, a break below 102.30 exposes the pair to a test of the 101.70 strong static support”.
“Support levels: 102.30 102.00 101.70”.
“Resistance levels: 102.70 103.05 103.40”.
Key Quotes:
“The hourly chart shows price was unable to extend above the weekly high of 102.79, and price slowly grinded lower, finding short term support in a still bullish 20 SMA around 102.30. In the same time frame, indicators aim higher in negative territory, while the 4 hours chart shows indicators heading firmly down right above their midlines”.
“Further downward moves seem limited with such strength in stocks and again ahead of US employment figures. Nevertheless, a break below 102.30 exposes the pair to a test of the 101.70 strong static support”.
“Support levels: 102.30 102.00 101.70”.
“Resistance levels: 102.70 103.05 103.40”.