23 May 2014
USD/JPY seeking a strong close but work to do
FXStreet (Guatemala) - USD/JPY is trading at 101.90, up 0.16% on the day, having posted a daily high at 101.98 and low at 101.59.
With a slight improvement in the New Home Sales> data from the US, USD/JPY is supported and heading for an up week this week by end of play today. Howevre, there could be some work to do if the pair is to close the week much higher, and Karne Jones at Commerzbank explained that USD/JPY is likely to struggle to regain the 101.89/102.36 area. “This is the mid May high the 20 day ma, the previous uptrend, which is now resistance. We look for a retest of the 100.75/74 support – the 2014 low and 55 week ma and we are suspicious longer term that the market has topped at 105.45. Loss of psychological support at 100.00 would add weight to that view”.
USD/JPY Levels
Current price is 101.90, with resistance ahead at 101.94 (Daily Classic R1), 101.98 (Daily High), 102.14 (Daily Classic R2), 102.15 (Weekly Classic R1) and 102.44 (Daily Classic R3). Next support to the downside can be found at 101.86 (Daily 20 SMA), 101.83 (Yesterday's High), 101.80 (Hourly 20 EMA), 101.74 (Weekly High) and 101.73 (Daily Open).
With a slight improvement in the New Home Sales> data from the US, USD/JPY is supported and heading for an up week this week by end of play today. Howevre, there could be some work to do if the pair is to close the week much higher, and Karne Jones at Commerzbank explained that USD/JPY is likely to struggle to regain the 101.89/102.36 area. “This is the mid May high the 20 day ma, the previous uptrend, which is now resistance. We look for a retest of the 100.75/74 support – the 2014 low and 55 week ma and we are suspicious longer term that the market has topped at 105.45. Loss of psychological support at 100.00 would add weight to that view”.
USD/JPY Levels
Current price is 101.90, with resistance ahead at 101.94 (Daily Classic R1), 101.98 (Daily High), 102.14 (Daily Classic R2), 102.15 (Weekly Classic R1) and 102.44 (Daily Classic R3). Next support to the downside can be found at 101.86 (Daily 20 SMA), 101.83 (Yesterday's High), 101.80 (Hourly 20 EMA), 101.74 (Weekly High) and 101.73 (Daily Open).