3 Jan 2014
USD/JPY finds technical support following decline
FXstreet.com (Barcelona) - Following yesterday’s rejection from the five year high and failed assault on the 105.50 handle, USD/JPY declined to post a low at 104.06 ahead of the European open.
USD/JPY corrects due Tokyo holiday
With Tokyo closed for holiday, USD/JPY declined overnight from its five year high at 105.50 as lack of demand from Japanese importers and funds took hold. Peter Fell of FXBeat notes that support is seen at 104.00, the 32.2% Fibonacci retracement on the 101.63/105.44 rise. Further, calculating a short term FibRet from the recent high to this mornings low, shows spot presently trading at the 76.4% retracement at 104.38. The European docket is dead today, so focus will fall on this evening with Bernanke’s speech at 19:30 GMT.
What are today’s key USD/JPY levels?
Today’s central pivot point sits at 104.92, with S1 flipped and providing next resistance to price action at 104.38. Below next support can be found at 104. The hourly 200 SMA offers resistance at 104.85, with the 20D EMA supporting below at 103.96. The range between 104.33-103.99 shows clustering of several technical levels which will provide support to spot.
USD/JPY corrects due Tokyo holiday
With Tokyo closed for holiday, USD/JPY declined overnight from its five year high at 105.50 as lack of demand from Japanese importers and funds took hold. Peter Fell of FXBeat notes that support is seen at 104.00, the 32.2% Fibonacci retracement on the 101.63/105.44 rise. Further, calculating a short term FibRet from the recent high to this mornings low, shows spot presently trading at the 76.4% retracement at 104.38. The European docket is dead today, so focus will fall on this evening with Bernanke’s speech at 19:30 GMT.
What are today’s key USD/JPY levels?
Today’s central pivot point sits at 104.92, with S1 flipped and providing next resistance to price action at 104.38. Below next support can be found at 104. The hourly 200 SMA offers resistance at 104.85, with the 20D EMA supporting below at 103.96. The range between 104.33-103.99 shows clustering of several technical levels which will provide support to spot.