12 Dec 2013
USD/JPY remains capped by 103.00
FXstreet.com (Córdoba) - The USD/JPY recovery faltered ahead of the 103.00 level during the European session, with the pair pulling back slightly from highs ahead of the next string of US data.
Following 2 days of corrections, the USD/JPY found support at the 102.14 zone Wednesday from where it bounced, although the recovery has been capped by the 102.95 zone in recent dealings. The USD/JPY is currently trading at the 102.75 area, still up 0.3% on the day. The US will release jobless claims and retail sales among other indicators, but investors main focus remains on next week Fed meeting.
USD/JPY technical perspective
"Yesterday's low at 102.14 sets the final of the slide from 103.38, but the crucial resistance around 103.00 is still intact, so my outlook here is bearish, for a reversal and sell-off towards 101.60", said Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday support can be spotted at 102.72".
Following 2 days of corrections, the USD/JPY found support at the 102.14 zone Wednesday from where it bounced, although the recovery has been capped by the 102.95 zone in recent dealings. The USD/JPY is currently trading at the 102.75 area, still up 0.3% on the day. The US will release jobless claims and retail sales among other indicators, but investors main focus remains on next week Fed meeting.
USD/JPY technical perspective
"Yesterday's low at 102.14 sets the final of the slide from 103.38, but the crucial resistance around 103.00 is still intact, so my outlook here is bearish, for a reversal and sell-off towards 101.60", said Stoyan Mihaylov, analyst at DeltaStock.com. "Initial intraday support can be spotted at 102.72".