Back
1 Jul 2014
USD/JPY hovering around 101.50
FXStreet (Córdoba) - The USD/JPY entered a consolidation phase after the latest upside attempt was capped by the 101.60 area, with the pair briefly dipping to session lows on the back of lower-than-expected US manufacturing PMI.
The USD/JPY slid to a session low of 101.44 but the move was short-lived and the pair quickly returned to pre-data levels. At time of writing, the USD/JPY is trading at 101.55, recording a 0.23% gain on the day, having bounced from a 1-month low of 101.23 scored Monday.
USD/JPY technical outlook
“The hourly chart shows price failed to sustain gains above a bearish 100 SMA, as indicators turn south still in positive territory”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart indicators present a bullish tone albeit halted around their midlines, while price stands well below moving averages: price needs to overcome 101.60 level to actually advance some, while a break below 101.20 exposes the pair to a test of 100.70 price zone”.
The USD/JPY slid to a session low of 101.44 but the move was short-lived and the pair quickly returned to pre-data levels. At time of writing, the USD/JPY is trading at 101.55, recording a 0.23% gain on the day, having bounced from a 1-month low of 101.23 scored Monday.
USD/JPY technical outlook
“The hourly chart shows price failed to sustain gains above a bearish 100 SMA, as indicators turn south still in positive territory”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart indicators present a bullish tone albeit halted around their midlines, while price stands well below moving averages: price needs to overcome 101.60 level to actually advance some, while a break below 101.20 exposes the pair to a test of 100.70 price zone”.