FXstreet.com (San Francisco) - USD/JPY has opened around the 78.00 mark for the third straight month this October (at 77.95), coming off of a sharp 0.5% rally overnight Friday which stalled out ahead of the 21-day EMA (78.10).
Price last trades at 77.95. If the bull pressure seen late last week extends in the hours ahead, resistance is noted at 78.15 (50%, 77.12/77.86), 78.35 (Aug 23 low) and 8.44 (50-day EMA). The downside offers support at 77.83 (38.2%, 77.42/78.10), then 77.76 (50%, 77.42/78.10) and 77.68 (61.8%, mentioned upswing).
“In the 4 hours chart a slightly positive tone [is noted], although only above 78.10 mentioned high, the pair will be able to advance further,” comments Valeria Bednarik, Chief Analyst at FXstreet.com. “To the downside, 77.80/90 area is currently attracting buyers, so bearish pressure may only increase if price breaks lower.”
Price last trades at 77.95. If the bull pressure seen late last week extends in the hours ahead, resistance is noted at 78.15 (50%, 77.12/77.86), 78.35 (Aug 23 low) and 8.44 (50-day EMA). The downside offers support at 77.83 (38.2%, 77.42/78.10), then 77.76 (50%, 77.42/78.10) and 77.68 (61.8%, mentioned upswing).
“In the 4 hours chart a slightly positive tone [is noted], although only above 78.10 mentioned high, the pair will be able to advance further,” comments Valeria Bednarik, Chief Analyst at FXstreet.com. “To the downside, 77.80/90 area is currently attracting buyers, so bearish pressure may only increase if price breaks lower.”
