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28 Jan 2014
USD/JPY settles below 103.00
FXstreet.com (Córdoba) - After being rejected from a high of 103.25, the USD/JPY found support at the 102.60 area and was confined to a rangebound phase during the American afternoon.
The USD/JPY spiked toward 103.00 in the wake of strong US consumer confidence data but failed to regain the psychological level and settled just below. At time of writing, the USD/JPY is trading around 102.80, still up 0.3% on the day, with market's focus on Wednesday's FOMC meeting.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet commented that the USD/JPY remains exposed to further falls. "Break below 102.47 daily low, may see the pair extending the downside towards 102.00 price zone".
Bednarik locates immediate supports at 102.40, 101.90 and 101.60, while she places resistances at 103.20 and 103.50.
The USD/JPY spiked toward 103.00 in the wake of strong US consumer confidence data but failed to regain the psychological level and settled just below. At time of writing, the USD/JPY is trading around 102.80, still up 0.3% on the day, with market's focus on Wednesday's FOMC meeting.
USD/JPY technical outlook
From a technical perspective, Valeria Bednarik, chief analyst at FXStreet commented that the USD/JPY remains exposed to further falls. "Break below 102.47 daily low, may see the pair extending the downside towards 102.00 price zone".
Bednarik locates immediate supports at 102.40, 101.90 and 101.60, while she places resistances at 103.20 and 103.50.