27 Jun 2014
USD/JPY slides to 101.30 critical support
FXStreet (Bali) - USD/JPY came under pressure once Japanese players came back from their lunch break, with the pair clearing the 200-day SMA to set a new 5-week low of 101.30.
The sell-off in the Nikkei 225, down over 1.65%, was the main factor dragging the pair, which is now faced with an area (101.30) proven to be very reliable to bounce off it throughout the range-bound cycle dating back February 2014.
A break below the 101.30 support should expose 101.00 round number, with the next bids-sensitive area found at 100.80. Only a break below the latter could trigger further bearish momentum for an acceleration to 100.50 ahead of 100.00.
The sell-off in the Nikkei 225, down over 1.65%, was the main factor dragging the pair, which is now faced with an area (101.30) proven to be very reliable to bounce off it throughout the range-bound cycle dating back February 2014.
A break below the 101.30 support should expose 101.00 round number, with the next bids-sensitive area found at 100.80. Only a break below the latter could trigger further bearish momentum for an acceleration to 100.50 ahead of 100.00.