14 Jan 2014
USD/JPY steadies above 103.50 ahead of US data
FXstreet.com (Córdoba) - The USD/JPY bounced from a 4-week low and rose nearly 100 pips over the last sessions, following 2 days of losses in the wake of a surprisingly weak US employment report.
The USD/JPY recovered ground, supported by weak Japan's current account data, and climbed to a high of 103.74 before losing steam. However, the pair retreated only a few pips and continues to trade near daily highs, presently at 103.55, recording a 0.6% gain on Tuesday. Up ahead, the US will release December's retail sales and November's business inventories.
USD/JPY technical perspective
"The recent low at 102.84 signals a reversal of the downtrend from 105.29 and current rebound should be considered corrective, preceding next slide through 102.45, en route to 101.60", says Stoyan Mihaylov, analyst at DeltaStock.com. "Major resistance lies at 103.90 and I expect to cap the upside and to reinstate the bearish pressure".
The USD/JPY recovered ground, supported by weak Japan's current account data, and climbed to a high of 103.74 before losing steam. However, the pair retreated only a few pips and continues to trade near daily highs, presently at 103.55, recording a 0.6% gain on Tuesday. Up ahead, the US will release December's retail sales and November's business inventories.
USD/JPY technical perspective
"The recent low at 102.84 signals a reversal of the downtrend from 105.29 and current rebound should be considered corrective, preceding next slide through 102.45, en route to 101.60", says Stoyan Mihaylov, analyst at DeltaStock.com. "Major resistance lies at 103.90 and I expect to cap the upside and to reinstate the bearish pressure".