USD/JPY Forecast: Holding mid-range, downside limited
|USD/JPY Current price: 106.16
View Live Chart for the USD/JPY
Holding mid-range, downside limited. The USD/JPY pair recovered modestly, despite the poor performance of worldwide stocks, trading a handful of cents above the 106.00 level ahead of the US opening. Short term, the pair presents a modest positive tone, given that in the 1 hour chart, technical indicators head higher around their mid-lines, although the price is being limited by its 100 SMA. In the 4 hours chart, technical indicators have turned flat around their mid-lines, maintaining a neutral stance, but the price remains well above its moving average, which indicates a limited downward potential. The main resistance comes at 106.60, with a break beyond it required to confirm a steeper recovery, although the most likely scenario is further consolidation ahead of BOJ's meeting next week.
Support levels: 105.80 105.40 105.05
Resistance levels: 106.60 107.10 107.50
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.