28 Apr 2014
USD/JPY outlook bearish and overbought
FXStreet (Guatemala) - USD/JPY is trading at 102.65, up 0.04% on the day, having posted a daily high at 102.71 and low at 102.55.
USD/JPY is little changed despite slightly higher Japanese retail sales figures for March. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained though that the JPY is soft, trading within Friday’s range. She noted that there was a limited reaction to stronger than expected retail sales, that rose 11% y/y and 6.3%m/m. “This week's focus will be the BoJ’s release of economic projections, which provide clues as to how the central bank sees the evolving economic outlook." She went onto say that her ut look for the "USD/JPY with short‐term technical is bearish. “However the signals are not strong and spot is more likely range bound."
USD/JPY technically overbought
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY Levels
Spot is presently trading at 102.65, and next resistance can be seen at 102.71 (Daily High), 102.74 (Yesterday's High), 102.77 (Daily Classic R1), 102.87 (Weekly Classic R1) and 102.92 (Daily Classic R2). Support below can be found at 102.62 (Daily Open), 102.61 (Weekly High), 102.60 (Hourly 20 EMA), 102.59 (Daily Classic PP) and 102.55 (Daily Low).
USD/JPY is little changed despite slightly higher Japanese retail sales figures for March. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained though that the JPY is soft, trading within Friday’s range. She noted that there was a limited reaction to stronger than expected retail sales, that rose 11% y/y and 6.3%m/m. “This week's focus will be the BoJ’s release of economic projections, which provide clues as to how the central bank sees the evolving economic outlook." She went onto say that her ut look for the "USD/JPY with short‐term technical is bearish. “However the signals are not strong and spot is more likely range bound."
USD/JPY technically overbought
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY Levels
Spot is presently trading at 102.65, and next resistance can be seen at 102.71 (Daily High), 102.74 (Yesterday's High), 102.77 (Daily Classic R1), 102.87 (Weekly Classic R1) and 102.92 (Daily Classic R2). Support below can be found at 102.62 (Daily Open), 102.61 (Weekly High), 102.60 (Hourly 20 EMA), 102.59 (Daily Classic PP) and 102.55 (Daily Low).