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3 Apr 2014
USD/JPY dicing with the downside
FXStreet (Guatemala) - Currently, USD/JPY is trading at 103.84, down -0.02% on the day, having posted a daily high at 103.91 and low at 103.81.
On the open, USD/JPY is hitting numbers to the downside, but there is very little weight behind any movement. "As risk aversion has faded, some of the downward pressure on USDJPY has eased and shifted the focus back to the soft domestic fundamental backdrop and the risks of rising U.S. interest rates”, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted.
UD/JPY RSI neutral
At the time of writing, RSI is neutral at 49.31, down from 61.83 at the last hour close, while ADX is ranging at 17.55, up from 15.33 previous. Meanwhile, daily RSI is in neutral territory at 65.13. On the hourly USD/JPY chart, the 200 SMA is climbing and currently at 103.60, up from the previous hour close at 102.71.
UD/JPY 105 here we come?
Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the weakness in the yen explained, "USD/JPY short‐term technicals: bullish—technical studies have shifted increasingly bullish, warning of a near term push through 104 and towards the January high of 105.44."
USD/JPY Levels
Current price is 103.87, with resistance ahead at 103.88 (Daily Open), 103.89 (Monthly High), 103.89 (Weekly High), 103.89 (Daily Classic R1) and 103.91 (Daily High). Next support to the downside can be found at 103.81 (Daily Low), 103.79 (Weekly Classic R2), 103.78 (Hourly 20 EMA), 103.58 (Yesterday's Low) and 103.49 (Daily Classic PP).
On the open, USD/JPY is hitting numbers to the downside, but there is very little weight behind any movement. "As risk aversion has faded, some of the downward pressure on USDJPY has eased and shifted the focus back to the soft domestic fundamental backdrop and the risks of rising U.S. interest rates”, Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted.
UD/JPY RSI neutral
At the time of writing, RSI is neutral at 49.31, down from 61.83 at the last hour close, while ADX is ranging at 17.55, up from 15.33 previous. Meanwhile, daily RSI is in neutral territory at 65.13. On the hourly USD/JPY chart, the 200 SMA is climbing and currently at 103.60, up from the previous hour close at 102.71.
UD/JPY 105 here we come?
Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the weakness in the yen explained, "USD/JPY short‐term technicals: bullish—technical studies have shifted increasingly bullish, warning of a near term push through 104 and towards the January high of 105.44."
USD/JPY Levels
Current price is 103.87, with resistance ahead at 103.88 (Daily Open), 103.89 (Monthly High), 103.89 (Weekly High), 103.89 (Daily Classic R1) and 103.91 (Daily High). Next support to the downside can be found at 103.81 (Daily Low), 103.79 (Weekly Classic R2), 103.78 (Hourly 20 EMA), 103.58 (Yesterday's Low) and 103.49 (Daily Classic PP).