USD/JPY Current price: 109.23
View Live Chart for the USD/JPY
Short term bearish below 109.00.The USD/JPY pair retreats from a fresh weekly high set at 109.48, weighed by poor US housing data, as in March, housing starts and building permits fell beyond expected. Despite improved market's mood, the pair retains its long term bearish tone, although some consolidation could be expected, before the pair is able to break below 109.00. From a technical point of view, the 1 hour chart shows that the technical indicators have turned sharply lower from near overbought levels, but the price holds above the 100 SMA, which broke beyond the 200 SMA earlier this week. The shortest reinforces the immediate support, by standing around 109.00. In the 4 hours chart, the 100 SMA has accelerated its decline above the current level, whilst the technical indicators hover around their mid-lines, lacking clear directional strength, and therefore maintaining the risk towards the downside.
Support levels: 109.00 108.65 108.20
Resistance levels: 109.50 110.00 110.40
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