21 Jul 2014
USD/JPY attempts to recover further
FXStreet (San Francisco) - After being rejected by the 101.40 initially, the USD/JPY found buying interest around 101.25 where the pair bounced back to current 101.35.
Currently, USD/JPY is trading at 101.34, flat on the day, having posted a daily high at 101.40 and low at 101.19. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
USD/JPY levels
"The hourly chart shows indicators retracing from their midlines, while 100 and 200 SMA’s converge around 101.50, offering now immediate resistance," comments Valeria Bednarik from FXStreet. "In the 4 hours chart indicators stand in negative territory but directionless, while price develops below moving averages, all of which keeps the pressure to the downside."
If the pair extends recovery above 101.40, next resistances would be at 101.50 and 101.75. On the downside, supports are at 101.20, 101.05 and 100.80.
Currently, USD/JPY is trading at 101.34, flat on the day, having posted a daily high at 101.40 and low at 101.19. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
USD/JPY levels
"The hourly chart shows indicators retracing from their midlines, while 100 and 200 SMA’s converge around 101.50, offering now immediate resistance," comments Valeria Bednarik from FXStreet. "In the 4 hours chart indicators stand in negative territory but directionless, while price develops below moving averages, all of which keeps the pressure to the downside."
If the pair extends recovery above 101.40, next resistances would be at 101.50 and 101.75. On the downside, supports are at 101.20, 101.05 and 100.80.