USD/JPY Current price: 117.38
View Live Chart for the USD/JPY
Limited correction, sell on spikes. The USD/JPY pair gains some ground after the release of a mixed US employment report, showing a strong rise in wages during January, and the lowest unemployment rate in eight years. Nevertheless, and with the market dollar-negative, the rally seems quite shy, and mostly a correction. Technically, the 1 hour chart shows that the technical indicators are bouncing higher within positive territory, while the 100 SMA extends further its decline and crosses below the 200 SMA above the current level. In the 4 hours chart, the technical indicators are posting tepid recoveries from oversold territory, but lack upward strength, while the price is also far below its moving averages, supporting the ongoing advance is barely corrective. Further rises are likely to be seen as selling opportunities, up to the 118.10 region.
Support levels: 117.00 116.60 116.20
Resistance levels: 117.70 118.10 118.50
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