29 Jan 2014
USD/JPY extends the decline
FXstreet.com (Córdoba) - The USD/JPY came under renewed pressure during the New York session as risk sentiment deteriorated and accelerated lower after breaking below the 102.50 area.
As investors gear up for the Fed decision, the USD/JPY triggered stops and fell deeper into the red, hitting a 2-day low of 102.13 in recent dealings. At time of writing, the USD/JPY is trading at the 102.20 zone, recording a 0.7% loss on the day, and not far from its multi-week low scored Monday at 101.76.
USD/JPY technical outlook
"Yesterday's high at 103.42 was actually a test of 103.50 resistance and my outlook here is already bearish, for a slide through 101.72 low, en route to 100.60", said Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial resistance on the upside is 103.85".
As investors gear up for the Fed decision, the USD/JPY triggered stops and fell deeper into the red, hitting a 2-day low of 102.13 in recent dealings. At time of writing, the USD/JPY is trading at the 102.20 zone, recording a 0.7% loss on the day, and not far from its multi-week low scored Monday at 101.76.
USD/JPY technical outlook
"Yesterday's high at 103.42 was actually a test of 103.50 resistance and my outlook here is already bearish, for a slide through 101.72 low, en route to 100.60", said Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial resistance on the upside is 103.85".