4 Apr 2014
USD/JPY sticks to the upper side of the intraday range.
FXStreet (Moscow) - With USD/JPY making a daily high and low at 103.97 and 103.84 respectively, spot is currently trading at 103.91.
Bulls blitzkrieg failed at 104.00
The resistance of 104.00 is a bit too strong for USD/JPY bulls to be taken out quickly, which means that some consolidations and even a short-term downside correction in store for us. How deep this correction will be depends on today’s market reaction on US Non-Farm payroll report and on 103.76 support. If the pair closes above this level on daily basis, the bulls will have chance to make another try at 104.00 pretty soon. BOJ is clearly dovish, while the FED’s stance in terms of interest rates is more neutral so far. Anyway, there is no doubt that the American central bank will start to normalize its monetary policy much sooner that its Asian counterpart. This factor is likely to press JPY down in the long term perspective.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 103.93 [Last Price], 103.95 (Daily Classic PP), 103.97 (Daily High), 104.11 (Daily Classic R1), 104.13 (Yesterday's High) and 104.28 (Daily Classic R2).
Below, we can see support at 103.93 (Daily Open), 103.93 (Monthly High), 103.93 (Weekly High), 103.92 (Hourly 20 EMA) and 103.84 (Daily Low).
Bulls blitzkrieg failed at 104.00
The resistance of 104.00 is a bit too strong for USD/JPY bulls to be taken out quickly, which means that some consolidations and even a short-term downside correction in store for us. How deep this correction will be depends on today’s market reaction on US Non-Farm payroll report and on 103.76 support. If the pair closes above this level on daily basis, the bulls will have chance to make another try at 104.00 pretty soon. BOJ is clearly dovish, while the FED’s stance in terms of interest rates is more neutral so far. Anyway, there is no doubt that the American central bank will start to normalize its monetary policy much sooner that its Asian counterpart. This factor is likely to press JPY down in the long term perspective.
What price levels and patterns have to be considered?
Resistance can be found ahead of spot at 103.93 [Last Price], 103.95 (Daily Classic PP), 103.97 (Daily High), 104.11 (Daily Classic R1), 104.13 (Yesterday's High) and 104.28 (Daily Classic R2).
Below, we can see support at 103.93 (Daily Open), 103.93 (Monthly High), 103.93 (Weekly High), 103.92 (Hourly 20 EMA) and 103.84 (Daily Low).