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3 Jun 2014
USD/JPY defying the bears
FXStreet (Guatemala) - USD/JPY is trading at 102.51, up 0.13% on the day, having posted a daily high at 102.55 and low at 102.27.
USD/JPY is defying the bears and has continued to push on. Dmytro Bondar, Technical Analyst at RBS explained that with the USD/JPY reaching the Ichimoku cloud, it marks an important point, determining whether the downside pressure will continue or a bullish reversal occurs. “As the pair formed a mini Head and Shoulders and Marubozu candlestick pattern yesterday, it suggests there are better chances of breaking upwards through the cloud, which means I have to change my view and be flat for now awaiting further developments on whether the cloud will be broken. If so, a rally to 103.43 will be expected. Alternatively, a move back to the 101.19 support will be likely”.
USD/JPY Levels
With spot trading at 102.52, we can see next resistance ahead at 102.55 (Daily High), 102.67 (Daily Classic R1), 102.89 (Weekly Classic R3) and 102.96 (Daily Classic R2). Support below can be found at 102.50 (Yesterday's High), 102.38 (Hourly 20 EMA/ (Daily 100 SMA / Monthly High / Weekly High).
USD/JPY is defying the bears and has continued to push on. Dmytro Bondar, Technical Analyst at RBS explained that with the USD/JPY reaching the Ichimoku cloud, it marks an important point, determining whether the downside pressure will continue or a bullish reversal occurs. “As the pair formed a mini Head and Shoulders and Marubozu candlestick pattern yesterday, it suggests there are better chances of breaking upwards through the cloud, which means I have to change my view and be flat for now awaiting further developments on whether the cloud will be broken. If so, a rally to 103.43 will be expected. Alternatively, a move back to the 101.19 support will be likely”.
USD/JPY Levels
With spot trading at 102.52, we can see next resistance ahead at 102.55 (Daily High), 102.67 (Daily Classic R1), 102.89 (Weekly Classic R3) and 102.96 (Daily Classic R2). Support below can be found at 102.50 (Yesterday's High), 102.38 (Hourly 20 EMA/ (Daily 100 SMA / Monthly High / Weekly High).