USD/JPY Current price: 110.39
View Live Chart for the USD/JPY
Looking for levels below 110.00. The USD/JPY pair trades uneventfully near its recent lows, having met some short term selling interest on attempts to advance beyond the 110.60 level, the immediate resistance. The Nikkei closed pretty much flat, down by 17 points, stabilizing after nose-diving for two days in-a-row. Technically, the risk remains towards the downside, as the line in the sand to confirm a long-term u-turn stands at 115.00. Short term, the 1 hour chart present a neutral-to-bearish stance, as the technical indicators hover around their mid-lines, whilst the 100 SMA has extended its decline above the current level, standing now at 111.20. In the 4 hours chart, the RSI indicator consolidates around 30, while the Momentum indicator has recovered some ground and heads north within negative territory, whilst the price remains far below its moving averages, all of which supports some further declines. The FED's Minutes will decide the tone, ad it somehow today's stance is more dovish than-expected, the pair may well approach to 109.00 ahead of the next Asian opening.
Support levels: 109.90 109.50 109.10
Resistance levels: 110.60 111.20 111.60
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