15 Jan 2014
USD/JPY holds above 104.00 as Nikkei opens with gains
FXstreet.com (Córdoba) - The USD/JPY moved slightly away from 104.27 after Nikkei's opening and fell to 104.13. On the day after a strong rally, the USD/JPY is trading quiet, hovering around 104.20, consolidating gains.
In Japan, stocks opened with gains, after US stocks rallied. At the moment of writing the Nikkei 225 was up 1.41% while the USD/JPY traded at 104.15, down 0.04% so far.
USD/JPY finds resistance at 104.30
The rally of US dollar against the Yen that started 28 hours ago found resistance, at least for the moment, barely below 104.30.
“Looking directly at USDJPY there is still room for further rallies although the hourlies are very overcooked now so it might not happen today,” said Greg Mckenna from Vantage FX. According to McKenna, a short-term key resistance is located at 104.30 and next comes 104.93.
In Japan, stocks opened with gains, after US stocks rallied. At the moment of writing the Nikkei 225 was up 1.41% while the USD/JPY traded at 104.15, down 0.04% so far.
USD/JPY finds resistance at 104.30
The rally of US dollar against the Yen that started 28 hours ago found resistance, at least for the moment, barely below 104.30.
“Looking directly at USDJPY there is still room for further rallies although the hourlies are very overcooked now so it might not happen today,” said Greg Mckenna from Vantage FX. According to McKenna, a short-term key resistance is located at 104.30 and next comes 104.93.