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10 Nov 2014
USD/JPY range is sideways between 112.00 / 115.52
FXStreet (Guatemala) - USD/JPY is trading at 114.78, up 0.13% on the day, having posted a daily high at 114.82 and low at 113.86.
USD/JPY is recovering after the markets allowed some give in the greenback post a slightly disappointing Nonfarm payrolls number. The pair crumbled at 115.20 to mark out the 114 level before drifting back to less bearish territory at 114.20 where it propelled higher in a decisive break to current levels. However, while is above 112, it appears we are in neutral territory with perhaps a slightly bullish upside bias based upon fundamentals in respect of the BoJ’s recent aggressive policy and a weaker Yen while markets are anticipating a Fed hike in 2015.
Karen Jones, chief analyst at Commerzbank, explained, however, that below 112.00 would initiate a deeper retracement to possibly 110.67. “It will not encounter the accelerated uptrend until 110.18. Above 115.52, we have a cloud on the quarterly chart and Fibonacci extension to 116.07/10, then there is very little until the 120 level”.
USD/JPY noteworthy levels
With spot trading at 114.78, we can see next resistance ahead at 114.82 (Daily Classic PP), 115.00, 115.17 and 115.45/60. Support, below can be found at 114.47 (Hourly 100 SMA), 114.41 (Hourly 20 EMA), 114.38 114.26 (Weekly Classic PP) and 114.20, 114.00 and 113.80.
USD/JPY is recovering after the markets allowed some give in the greenback post a slightly disappointing Nonfarm payrolls number. The pair crumbled at 115.20 to mark out the 114 level before drifting back to less bearish territory at 114.20 where it propelled higher in a decisive break to current levels. However, while is above 112, it appears we are in neutral territory with perhaps a slightly bullish upside bias based upon fundamentals in respect of the BoJ’s recent aggressive policy and a weaker Yen while markets are anticipating a Fed hike in 2015.
Karen Jones, chief analyst at Commerzbank, explained, however, that below 112.00 would initiate a deeper retracement to possibly 110.67. “It will not encounter the accelerated uptrend until 110.18. Above 115.52, we have a cloud on the quarterly chart and Fibonacci extension to 116.07/10, then there is very little until the 120 level”.
USD/JPY noteworthy levels
With spot trading at 114.78, we can see next resistance ahead at 114.82 (Daily Classic PP), 115.00, 115.17 and 115.45/60. Support, below can be found at 114.47 (Hourly 100 SMA), 114.41 (Hourly 20 EMA), 114.38 114.26 (Weekly Classic PP) and 114.20, 114.00 and 113.80.