USD/JPY Current price: 118.30
View Live Chart for the USD/JPY
More gains above 118.90 The USD/JPY pair fell down to 117.65 during the Asian session, having however, recovered the 118.00 level during the European morning. The Japanese yen remains confined to tight intraday ranges, mostly following oil's lead when it comes to direction, with the currency appreciating as the commodity grinds lower, and easing as the black gold recovers ground. Technically, the 1 hour chart shows that the price bounced from around its 100 and 200 SMAs, both with a slightly bullish tone, and the 23.6% retracement of the latest daily fall. In the same chart, the technical indicators head slightly higher above their mid-lines, all of which should maintain the downside limited, at least in the short term. In the 4 hours chart, the price briefly deep below its 100 SMA while the technical indicators head nowhere above their mid-lines. The key is the 118.90 level, the 38.2% retracement of the same decline, as it will take a clear break above it to see a more sustainable bullish rally in the pair, particularly if US upcoming data surprises to the upside.
Support levels: 118.15 117.70 117.30
Resistance levels: 118.50 118.90 119.35
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