12 Feb 2014
USD/JPY fighting against 102.60
FXStreet (Edinburgh) - The USD/JPY is extending the bounce off 102.20, however the recovery seems to be struggling to follow through the 102.50/60 region so far.
USD/JPY consolidating in the mid 102.00s
The pair would be attempting to consolidate the recent rebound from the 101.00 area at the beginning of February, helped by better sentiment surrounding the risk appetite. “The market is consolidating at the 38.2% retracement at 102.55 (of the sell off seen so far this year). We suspect that the market is attempting to reassert its bull move as it has a multitude of supports between 101 and 100”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
USD/JPY levels to consider
The pair is now down 0.11% at 101.50 facing the next down-barrier at 102.08 (low Feb.11) ahead of 102.05 (10-d MA) and then 101.99 (low Feb.10). On the flip side, a break above 102.71 (high Feb.11) would aim for 102.94 (high Jan.31) and finally 103.09 (Kijun Sen line).
USD/JPY consolidating in the mid 102.00s
The pair would be attempting to consolidate the recent rebound from the 101.00 area at the beginning of February, helped by better sentiment surrounding the risk appetite. “The market is consolidating at the 38.2% retracement at 102.55 (of the sell off seen so far this year). We suspect that the market is attempting to reassert its bull move as it has a multitude of supports between 101 and 100”, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.
USD/JPY levels to consider
The pair is now down 0.11% at 101.50 facing the next down-barrier at 102.08 (low Feb.11) ahead of 102.05 (10-d MA) and then 101.99 (low Feb.10). On the flip side, a break above 102.71 (high Feb.11) would aim for 102.94 (high Jan.31) and finally 103.09 (Kijun Sen line).