USD/JPY Current price: 119.85
View Live Chart for the USD/JPY
Further gains above 120.40. The USD/JPY pair advanced at the beginning of the day, having sunk below the 119.00 level on Wall Street's negative close last Tuesday. The pair however, traded in a tight range around 119.50 for most of the European session, accelerating higher before the release of the US Durable Goods Orders data for July. The figures surprised to the upside, favoring a spike in the pair that anyway stands below the 120.00 figure. Short term, the upside remains limited, given that in the 1 hour chart, the 100 SMA maintains a strong bearish slope well above the current price, and widening the distance with the 200 SMA around 122.60. In the same chart however, the technical indicators aim higher above their mid-lines, suggesting no selling interest around at the time being. In the 4 hours chart, the technical indicators remain below their mid-lines, lacking enough strength to confirm further gains. Tuesday high at 120.40 is the level to break to confirm a firmer upward tone, eyeing then a continuation towards the 121.00 figure.
Support levels: 119.60 119.20 118.80
Resistance levels: 120.00 120.40 120.90
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