USD/JPY Current price: 114.97
View Live Chart for the USD/JPY
Quiet after BOJ's jawboning. The USD/JPY pair consolidates below the 115.00 figure this Wednesday, having bounced during the past Asian session once again from the 114.20 region, the bottom of its recent decline. Early during the European morning, there were some talking making the rounds on a verbal intervention from the Bank of Japan, with the Central Bank checking prices among interbank dealers. The pair saw a limited spike afterwards, but it quickly returned mid-range, as investors can't care less about jawboning. The static mode is most likely due to the upcoming Yellen's testimony than whatever the BOJ may say. Anyway, and from a technical point of view, the 1 hour chart shows that the price is well below a bearish 100 SMA, currently around 116.10, while the technical indicators lack conviction around their mid-lines. In the 4 hours chart, the RSI has corrected oversold readings, but remains far below its mid-line, while the Momentum indicator heads sharply lower below the 100 level and the moving averages are well above the current level, all of which maintains the risk towards the downside.
Support levels: 114.65 114.20 113.75
Resistance levels: 115.10 115.55 115.90
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