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1 Jul 2014
USD/JPY bearish bias remains until a convincing close at 101.80
FXStreet (Guatemala) - USD/JPY is trading at 101.55, up 0.22% on the day, having posted a daily high at 101.61 and low at 101.29.
USD/JPY has managed the upper half of the handle and maintained it today despite a pull back from the highs seen overnight, whether this is now looking constructive towards the upside, 101.70/80 might be a game changer but until then the bearish bias probably remains in tact. The Market Strategy Team at UOB Group explained that there is no change to their bearish view however, and they continue to expect the current USD weakness to extend to 101.10 followed by 100.80. “Expect the key resistant at 102.05 to hold for the rest of this week."
USD/JPY Levels
Current price is 101.55, with resistance ahead at 101.61 (Daily Classic R2), (Daily High), 101.63 (Weekly Classic PP), 101.71 (Daily 200 SMA) and 101.72 (Daily Classic R3). Next support to the downside can be found at 101.54 (Hourly 100 SMA), 101.49 (Yesterday's High), 101.48 (Hourly 20 EMA), 101.47 (Daily Classic R1) and 101.35 (Daily Classic PP).
USD/JPY has managed the upper half of the handle and maintained it today despite a pull back from the highs seen overnight, whether this is now looking constructive towards the upside, 101.70/80 might be a game changer but until then the bearish bias probably remains in tact. The Market Strategy Team at UOB Group explained that there is no change to their bearish view however, and they continue to expect the current USD weakness to extend to 101.10 followed by 100.80. “Expect the key resistant at 102.05 to hold for the rest of this week."
USD/JPY Levels
Current price is 101.55, with resistance ahead at 101.61 (Daily Classic R2), (Daily High), 101.63 (Weekly Classic PP), 101.71 (Daily 200 SMA) and 101.72 (Daily Classic R3). Next support to the downside can be found at 101.54 (Hourly 100 SMA), 101.49 (Yesterday's High), 101.48 (Hourly 20 EMA), 101.47 (Daily Classic R1) and 101.35 (Daily Classic PP).