FXstreet.com (San Francisco) - The choppy sideways price action continued for USD/JPY on Monday, having fallen sharply on negative US data to as low as 79.30 before closing the NA session at 79.50 vs. 79.92.
The pair now trades sideways around 79.45 ahead of the Tokyo fix, last at 79.43 with support levels noted at 79.20, 78.80 and 78.40, while resistance levels lie at 79.80, 80.10 and 80.30.
“The hourly chart for the pair shows indicators retreating from their midlines heading lower, while price develops below moving averages, supporting further slides ahead,” explains Valeria Bednarik, Chief Analyst at FXstreet.com. “The downward pressure remains strong ahead of Nikkei opening, with 78.80 as next strong support ahead of further fall this Tuesday.”
The pair now trades sideways around 79.45 ahead of the Tokyo fix, last at 79.43 with support levels noted at 79.20, 78.80 and 78.40, while resistance levels lie at 79.80, 80.10 and 80.30.
“The hourly chart for the pair shows indicators retreating from their midlines heading lower, while price develops below moving averages, supporting further slides ahead,” explains Valeria Bednarik, Chief Analyst at FXstreet.com. “The downward pressure remains strong ahead of Nikkei opening, with 78.80 as next strong support ahead of further fall this Tuesday.”
