USD/JPY Current price: 120.19
View Live Chart for the USD/JPY
Break above 120.35 required. The USD/JPY pair is back to its usual tight range, having traded between 119.88 and 120.30 so far today, capped below the 50% retracement of its latest weekly slump. The strong upward momentum in stocks is doing little for the pair, although should limit chances of a decline, particularly if US indexes extend their pre-opening gains. Technically, the 1 hour chart shows that the price is holding a handful of pips above its 100 and 200 SMAs that anyway lack directional strength, whilst the technical indicators have retreated in positive territory, but remain flat above their mid-lines. In the 4 hours chart the 200 SMA has extended its decline and caps the upside around the mentioned high, whilst the 100 SMA remains flat a few pips below the current level, both reflecting the ongoing range that extends since late August. In this last time frame, the technical indicators are neutral. An upward acceleration above 120.35 should help the pair extending its intraday advance towards the 121.00 price zone, while below 120.00 the pair can extend down to 119.60.
Support levels: 120.00 119.60 119.35
Resistance levels: 120.35 120.70 121.10
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