FXstreet.com (Barcelona) - The USD/JPY has recently plunged ahead of the ECB decision scheduled within the hour, as investors are clearly erring on the side of cautiousness, flocking towards the sanctuary of the Japanese yen. This represents a stark departure from its opening level, which has seen the pair oscillate between 78.20 (daily min) and 78.56 (daily max) Thursday during European trading.
According to Mark De La Paz, an analyst at FX Instructor, “The USD/JPY is just under the pivot point at 78.27 in Hourly USDJPY charts. With a combination of a high level bearish pattern and a strong resistance, we consider shorting at 78.04, which should lead to a move towards 77.65. In addition, we recommend a stop loss should be placed above the 78.27.”
In terms of technical levels, the pair presently trades at 78.22, marking a decline of -0.26% since its opening. De La Paz calculates the measures of support at 78.04, then 77.65, and finally 77.42. On the ascension, a penetration of 78.27 will initiate resistances at 78.66 and 78.89.
According to Mark De La Paz, an analyst at FX Instructor, “The USD/JPY is just under the pivot point at 78.27 in Hourly USDJPY charts. With a combination of a high level bearish pattern and a strong resistance, we consider shorting at 78.04, which should lead to a move towards 77.65. In addition, we recommend a stop loss should be placed above the 78.27.”
In terms of technical levels, the pair presently trades at 78.22, marking a decline of -0.26% since its opening. De La Paz calculates the measures of support at 78.04, then 77.65, and finally 77.42. On the ascension, a penetration of 78.27 will initiate resistances at 78.66 and 78.89.
