USD/JPY Current price: 123.05
View Live Chart for the USD/JPY
Above 123.00, but still bearish. The USD/JPY pair recovered above the 123.00 figure by the end of the Asian session, but bulls began to desist on a test of the 123.10 region. The pair has advanced some 40 pips ever since the day started, quite an irrelevant move, considering its now trading some pips above the 122.80, its comfort zone for most of the past week. Given the large number of fundamental events that will be released during this week, there are little hopes of an USD/JPY relevant move in the short term. Technically, the 1 hour chart shows that the price has recovered above its 100 and 200 SMAs, although the shorter stands below the largest, limiting chances of a more sustainable rally. In the same chart, the technical indicators are turning lower near overbought readings, also limiting advances. In the 4 hours chart, the technical indicators turned higher above their mid-lines, with the RSI indicator now turning flat above its mid-line, suggesting some range for the upcoming hours.
Support levels: 122.60 122.20 121.70
Resistance levels: 123.10 123.40 123.75
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