USD/JPY Current price: 124.24
View Live Chart for the USD/JPY
Going nowhere above 124.00. The USD/JPY pair surged above the 124.00 level this Monday, as dollar strengthen against most of its major rivals, even before the release of better-than-expected US PCE inflation figures. The data however, failed to boost the greenback that anyway maintains a positive tone across the board. Technically the 1 hour chart shows that the price has extended further above a bullish 100 SMA that crossed above the 200 SMA, with the shortest capping the downside around 124.00. In the same chart the technical indicators are turning lower near overbought levels, but remain far from suggesting a downward corrective movement underway. In the 4 hours chart, the Momentum indicators diverges from price action, heading lower around its mid-line while the RSI indicator consolidates around 58. A steadier advance above 124.45, the immediate resistance, is required to confirm a stronger advance, but chances are limited at the time being, whilst the downside seems also limited by buying interest around 123.70/124.00.
Support levels: 124.00 123.70 123.30
Resistance levels: 124.45 124.90 125.30
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