29 Apr 2014
USD/JPY continues pull back from morning peak
FXStreet (London) - Following a quiet overnight session, USD/JPY climbed in early European trading to post a high at 102.77 before edging lower ahead of the US session.
This mornings climb was seemingly based on little more than risk sentiment, with no data cues offering the impetus for such push higher. Nevertheless, Jamie Coleman of FXBeat comments that the follow through to the topside has been quite pathetic, considering that 102.71 was the 50% retracement of the recent drop from 104.12 highs. He adds, “Above the market resistance comes in at 102.93, which is the 100 day moving average. More is at 103.04, the 61.8% retracement of the 104.12/101.30 drop. US yields are supportive of the dollar this morning, up 4.2 bp to 2.72% in 10s.”
USD/JPY Technicals
Having made a daily high at 102.79 and low at 102.47, USD/JPY spot is up 0.18% on the day and presently trading at 102.68. The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. At the time of writing, RSI is neutral at 66.72, down from 71.04 at the last hour close, while ADX is trending at 30.97, down from 48.14 previous. Meanwhile, daily RSI is in neutral territory at 51.30. Viewing a daily USD/JPY chart, 2-Standard Deviation Volatility Bandwidth is shrinking at 279 pips.
USD/JPY levels
Current price is 102.68, with resistance ahead at 102.74 (Daily Classic R1), 102.79 (Daily High), 102.94 (Daily 100 SMA), 102.99 (Daily Classic R2) and 103.08 (Weekly Classic R2). Next support to the downside can be found at 102.64 (Yesterday's High), 102.64 (Weekly Classic R1), 102.61 (Weekly High), 102.56 (Hourly 20 EMA) and 102.50 (Daily Open).
This mornings climb was seemingly based on little more than risk sentiment, with no data cues offering the impetus for such push higher. Nevertheless, Jamie Coleman of FXBeat comments that the follow through to the topside has been quite pathetic, considering that 102.71 was the 50% retracement of the recent drop from 104.12 highs. He adds, “Above the market resistance comes in at 102.93, which is the 100 day moving average. More is at 103.04, the 61.8% retracement of the 104.12/101.30 drop. US yields are supportive of the dollar this morning, up 4.2 bp to 2.72% in 10s.”
USD/JPY Technicals
Having made a daily high at 102.79 and low at 102.47, USD/JPY spot is up 0.18% on the day and presently trading at 102.68. The FXStreet OB/OS Index is reflecting overbought hourly conditions, while the FXStreet Trend Index is slightly bullish. At the time of writing, RSI is neutral at 66.72, down from 71.04 at the last hour close, while ADX is trending at 30.97, down from 48.14 previous. Meanwhile, daily RSI is in neutral territory at 51.30. Viewing a daily USD/JPY chart, 2-Standard Deviation Volatility Bandwidth is shrinking at 279 pips.
USD/JPY levels
Current price is 102.68, with resistance ahead at 102.74 (Daily Classic R1), 102.79 (Daily High), 102.94 (Daily 100 SMA), 102.99 (Daily Classic R2) and 103.08 (Weekly Classic R2). Next support to the downside can be found at 102.64 (Yesterday's High), 102.64 (Weekly Classic R1), 102.61 (Weekly High), 102.56 (Hourly 20 EMA) and 102.50 (Daily Open).