8 Jul 2014
USD/JPY slips further, fresh 4-day low
US session opened and is doing no good to recent dollar strength, with the USD/JPY at fresh 4-day lows below the 101.60 mark. DJIA is already 100 points lower –its earning season which promise much action will came from that front these days- while yields are also down on the day, 4.5bp. Yen has been outperforming since early Asian opening, taking the lead along with Aussie against the greenback.
Technically, the pair maintains a strong bearish tone according to Valeria Bednarik, FXStreet chief analyst, as “the hourly chart shows price extending below 200 SMA, with momentum heading south in negative territory, supporting a downward continuation” according to her forecast, “yet if pressure remains and US stocks extend their decline, the slide can quickly extend down to 101.20 price zone” while next support comes in the 100.70 area, this year lows. 101.60 has become now immediate resistance, followed then by 102.00 figure.
Technically, the pair maintains a strong bearish tone according to Valeria Bednarik, FXStreet chief analyst, as “the hourly chart shows price extending below 200 SMA, with momentum heading south in negative territory, supporting a downward continuation” according to her forecast, “yet if pressure remains and US stocks extend their decline, the slide can quickly extend down to 101.20 price zone” while next support comes in the 100.70 area, this year lows. 101.60 has become now immediate resistance, followed then by 102.00 figure.