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19 Mar 2014
USD/JPY levelling out on support 101.40
FXStreet (Guatemala) - USD/JPY is resting up on 101.40 currently, which has been the play for the main part of sessions overnight. Overall however, the price action around Yen has been of some surprise to the downside given the slightly better risk on mood in overnight markets with Putin saying he doesn’t intend to split up Ukraine.
Meanwhile, we have seen trade balances for Japan posting in the red expect for there being a slight improvement on imports against consensus. Technically, Karen Jones, chief analyst at Commerzbank explained that USD/JPY is attempting to stabilise very near term, and says they remain unable to rule out slips lower to the 100.77 February trough and the 200 day moving average at 100.33. “We note that the Elliott wave count on the 240 chart is suggesting rallies will struggle intraday circa 102.00/25”.
USD/JPY Levels
The 20 DMA is 102.33, the 50 DMA is 102.77 and the 200 DMA is 100.31. RSI (14) reads 46.30. Supports are ascending from 100.76, 101.07, and 101.15. Spot is 101.42 while resistances are 101.55, 101.94, 102.15, 102.26 and 102.43.
Meanwhile, we have seen trade balances for Japan posting in the red expect for there being a slight improvement on imports against consensus. Technically, Karen Jones, chief analyst at Commerzbank explained that USD/JPY is attempting to stabilise very near term, and says they remain unable to rule out slips lower to the 100.77 February trough and the 200 day moving average at 100.33. “We note that the Elliott wave count on the 240 chart is suggesting rallies will struggle intraday circa 102.00/25”.
USD/JPY Levels
The 20 DMA is 102.33, the 50 DMA is 102.77 and the 200 DMA is 100.31. RSI (14) reads 46.30. Supports are ascending from 100.76, 101.07, and 101.15. Spot is 101.42 while resistances are 101.55, 101.94, 102.15, 102.26 and 102.43.