USD/JPY Current price: 123.79
View Live Chart for the USD/JPY
Eyeing 123.30 now. Market did not need much of a reason to sell the USD/JPY above the 124.00 level, and latest US data accelerated the decline, with the pair down over 50 pips in a few minutes. Weak wages in the US and month-end profit taking weigh on the USD, and the USD/JPY seems poised to extend its decline, particularly on renewed selling interest below 123.70, the immediate support. The 1 hour chart shows that the price is struggling around its 100 and 200 SMAs, both in the 123.70/80 region and horizontal, providing a limited support area, whilst the technical indicators followed price's decline and head sharply lower. In the 4 hours chart, the downward potential is more limited, as the technical indicators turned lower but remain above their mid-lines, whilst the 100 SMA continues to head higher below the current level.
Support levels: 123.70 123.30 122.90
Resistance levels: 124.10 124.60 125.00
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