FXstreet.com (San Francisco) - USD/JPY spent Tuesday recovering nearly all of the previous day’s losses and bouncing from a recent 5-week low at 78.67, ending the US session at 79.06 vs. 78.82.
“The hourly chart shows price above 20 SMA and indicators in positive territory, although losing upward strength,” observes Valeria Bednarik, Chief Analyst at FXstreet.com. “Clear recovery above the 79.40/50 price zone is needed to ease current bearish tone.”
USD/JPY last trades at 79.10, with support levels noted at 78.80, 78.50 and 78.20, while resistance levels lie at 79.20, 79.45 and 79.80.
Within the hour, at 23:50 GMT, the minutes of the last BoJ Monetary Policy Meeting will be released, which may provide for some volatility in an otherwise quiet start to trading in FX this Wednesday in Asia.
“The hourly chart shows price above 20 SMA and indicators in positive territory, although losing upward strength,” observes Valeria Bednarik, Chief Analyst at FXstreet.com. “Clear recovery above the 79.40/50 price zone is needed to ease current bearish tone.”
USD/JPY last trades at 79.10, with support levels noted at 78.80, 78.50 and 78.20, while resistance levels lie at 79.20, 79.45 and 79.80.
Within the hour, at 23:50 GMT, the minutes of the last BoJ Monetary Policy Meeting will be released, which may provide for some volatility in an otherwise quiet start to trading in FX this Wednesday in Asia.
