USD/JPY Current price: 118.34
View Live Chart for the USD/JPY
Upside limited despite tepid US data. The USD/JPY pair traded around its highs in the 118.90 region for most of the day, and was unable to extend beyond it after the release of soft US data. With Durable Goods Order falling 5.1% in December, and weekly unemployment claims rising beyond expected, the pair should resume its decline, additionally as strong selling interest is still present, around the Fibonacci resistance. Anyway, movements can remain limited as the market is probably waiting for the BOJ economic policy meeting during the upcoming Asian session. Technically, the 1 hour chart shows that the price remains above its 100 SMA, but also that the technical indicators are turning lower above their mid-lines. In the 4 hours chart, the Momentum indicator heads higher, but the RSI already turned south around 57, anticipating some short term declines towards the 118.30 level, the immediate intraday support.
Support levels: 118.30 117.90 117.40
Resistance levels: 118.90 119.35 119.70
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