USD/JPY Current price: 121.28
View Live Chart for the USD/JPY
Downward risk increases below 121.00. The USD/JPY pair eased some from its recent highs, falling down to 120.87 during the Asian session, as falling local share markets triggered demand for safe-haven yen. The pair however, managed to bounce some 50 pips from the level, and remains stuck around 121.30. Bulls are having a hard time to return, as poor inflation figures in Japan suggests the BOJ may need to add stimulus during the upcoming month, to reach its 2% inflation target. Technically, the short term picture is neutral, as the 1 hour chart shows that the price is hovering around its 200 SMA, whilst the technical indicators hover around their mid-lines. In the 4 hours chart the technical indicators also lack directional strength, but hold well above their mid-lines. In this last chart, the 100 SMA presents a tepid downward slope around 122.80. Daily basis, further recoveries are not yet confirmed, as despite the pair has recovered above its 200 DMA, around 121.00, the technical indicators have lost their upward strength and are now heading back south. A daily close below this last should be quite disappointing for bulls, and open doors for a retest of the 120.00 figure.
Support levels: 121.00 120.60 120.20
Resistance levels: 121.70 122.10 122.45
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