USD/JPY Forecast: The USD/JPY pair corrected higher

Valeria Bednarik FXStreet

USD/JPY Current price: 100.77

View Live Chart for the USD/JPY

The USD/JPY pair corrected higher, reaching a daily high of 101.24 during the past Asian session, although the yen slowly recovered, holding now not far from the critical Fibonacci support around 100.65. Ahead of the release of US data, the pair retains the bearish tone, with the latest upward move understood as corrective. Technically, the 1 hour chart shows that the 100 SMA maintains a strong bearish slope above the current level, now capping the upside around the mentioned daily high, while indicators are heading south, now around their mid-lines. In the 4 hours chart, the Momentum indicator heads sharply lower within negative territory while the RSI indicator holds around 42 and the price well below their mid-lines, also supporting a retest of the 100.00 region, particularly if US macroeconomic figures disappoint.

Support levels: 100.65 100.35 100.00

Resistance levels: 101.10 101.60 102.00

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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