6 Feb 2014
USD/JPY finds resistance below 101.70
FXStreet (Córdoba) - Earlier the USD/JPY rose to 101.63, reaching a fresh daily high as stocks in Japan opened on a strong note, but lost momentum and pulled back, falling below 101.50 as the Nikkei 225 trimmed gains.
At the moment of writing the USD/JPY trades at 101.43, after bottoming at 101.31 while the Nikkei 225 is up 0.43%.
Technical outlook for the USD/JPY
According to Jim Langlands, from FX Charts, the resistance around 101.75 remains intacts “and it needs a break of this to head back to 102.00, where there will once again be good sellers”. Above 102.00, the next targets lie at 102.30 and 102.75 notes Langlands.
“On the downside, 100.75 is now pretty much a triple bottom and this will be very strong support (weekly Kijun 100.68). A break of this level would surprise me today, but if wrong the 200 DMA is at 100.05, but which should be safe,” affirms Langlands.
At the moment of writing the USD/JPY trades at 101.43, after bottoming at 101.31 while the Nikkei 225 is up 0.43%.
Technical outlook for the USD/JPY
According to Jim Langlands, from FX Charts, the resistance around 101.75 remains intacts “and it needs a break of this to head back to 102.00, where there will once again be good sellers”. Above 102.00, the next targets lie at 102.30 and 102.75 notes Langlands.
“On the downside, 100.75 is now pretty much a triple bottom and this will be very strong support (weekly Kijun 100.68). A break of this level would surprise me today, but if wrong the 200 DMA is at 100.05, but which should be safe,” affirms Langlands.