24 Mar 2014
USD/JPY bounces off 102.40
FXStreet (Edinburgh) - The USD/JPY is now gaining the mid-102.00s after touching 102.40 pre-European open on Monday.
USD/JPY firmer on risk appetite, US yields
Higher US yields post-FOMC meeting plus a better tone from the risk sentiment helped spot to extend the recent ascent to levels beyond 102.60. “Key support/resistance points from here do look quite well defined though; gains through “cloud” resistance ceiling/trend at 103.35/40 will give the USD more lift. Loss of support (potential bearish H&S continuation neckline) at 101.21 will be negative (implying scope for a 250 tick loss)”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/JPY levels to consider
The pair is now up 0.21% at 102.50 with the next resistance at 102.69 (high Mar.19) ahead of 102.86 (high Mar.13) and then 103.10 (high Mar.12). On the downside, a break below 102.01 (low Mar.21) would expose 101.30 (low Mar.19) and finally 101.20 (low Mar.3).
USD/JPY firmer on risk appetite, US yields
Higher US yields post-FOMC meeting plus a better tone from the risk sentiment helped spot to extend the recent ascent to levels beyond 102.60. “Key support/resistance points from here do look quite well defined though; gains through “cloud” resistance ceiling/trend at 103.35/40 will give the USD more lift. Loss of support (potential bearish H&S continuation neckline) at 101.21 will be negative (implying scope for a 250 tick loss)”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/JPY levels to consider
The pair is now up 0.21% at 102.50 with the next resistance at 102.69 (high Mar.19) ahead of 102.86 (high Mar.13) and then 103.10 (high Mar.12). On the downside, a break below 102.01 (low Mar.21) would expose 101.30 (low Mar.19) and finally 101.20 (low Mar.3).