22 Jan 2014
USD/JPY advances but lacks momentum
FXstreet.com (Córdoba) - The USD/JPY advanced slightly at the beginning of the New York session but remained well within recent ranges.
The USD/JPY recovered from lows 104.00 and climbed to a high of 104.56 during the Asian session to finally settle in a range where it has spent the last hours amid lack of first-tier data to provide direction. At time of writing, the USD/JPY is trading at the 104.45 zone, 0.2% above its opening price, having scored a session high of 104.50 in recent dealings.
USD/JPY technical outlook
From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com, noted that the consolidation pattern after 104.90 peak is running out of steam. "I expect a break on the upside to trigger a new test of 105.40 highs. Crucial on the downside is 103.85 static support".
The USD/JPY recovered from lows 104.00 and climbed to a high of 104.56 during the Asian session to finally settle in a range where it has spent the last hours amid lack of first-tier data to provide direction. At time of writing, the USD/JPY is trading at the 104.45 zone, 0.2% above its opening price, having scored a session high of 104.50 in recent dealings.
USD/JPY technical outlook
From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com, noted that the consolidation pattern after 104.90 peak is running out of steam. "I expect a break on the upside to trigger a new test of 105.40 highs. Crucial on the downside is 103.85 static support".