30 Jun 2014
USD/JPY testing bids below 101.30
FXStreet (Bali) - USD/JPY is trading under pressure along Asian hours, currently testing bids just below the 101.30 support.
As a reminder of the latest technical developments, the USD/JPY opened the day well below its 200 DMA, first time since Abenomics came to light. Besides, pressure in the Nikkei 225, paring early gains to presently stay -0.25%, is favouring Yen bulls.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows 100 SMA gaining bearish slope above current price and distancing from 200 one, usually a sign of bears strength, as price consolidates in a tight range right above 101.20 immediate support. Indicators in the same time frame stand right above their midlines but lacking momentum... a recovery should find short term resistance around 101.60 area, while a break below mentioned support exposes the year lows around 100.70."
As a reminder of the latest technical developments, the USD/JPY opened the day well below its 200 DMA, first time since Abenomics came to light. Besides, pressure in the Nikkei 225, paring early gains to presently stay -0.25%, is favouring Yen bulls.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The hourly chart shows 100 SMA gaining bearish slope above current price and distancing from 200 one, usually a sign of bears strength, as price consolidates in a tight range right above 101.20 immediate support. Indicators in the same time frame stand right above their midlines but lacking momentum... a recovery should find short term resistance around 101.60 area, while a break below mentioned support exposes the year lows around 100.70."