28 Apr 2014
USD/JPY unchanged at 102.15, 5th straight day of LL, LH?
FXStreet (Bali) - USD/JPYtrades just above the 102.00 mark on Monday, after giving further ground on Friday, with the rate opening at 102.15, unchanged from the last NY close.
After the bounce off 101.30 mid this month, the bullish momentum faltered at the 50% fib retrac from 104.20-103.10 decline, leading to 4 days of lower lows and lower highs on the daily, despite the fall being slow in nature.
Technically, according to Valeria Bednarik, Chief Analyst at FXStreet: "The USD/JPY remains under mild pressure according to the hourly chart, with the upside limited by strong selling interest in the 102.60 price zone. Bigger time frames present a bearish bias, supporting a break lower towards 101.30/60 for the upcoming hours."
After the bounce off 101.30 mid this month, the bullish momentum faltered at the 50% fib retrac from 104.20-103.10 decline, leading to 4 days of lower lows and lower highs on the daily, despite the fall being slow in nature.
Technically, according to Valeria Bednarik, Chief Analyst at FXStreet: "The USD/JPY remains under mild pressure according to the hourly chart, with the upside limited by strong selling interest in the 102.60 price zone. Bigger time frames present a bearish bias, supporting a break lower towards 101.30/60 for the upcoming hours."