USD/JPY: at the lower end of its latest range

USD/JPY Current price: 113.36

  • Absence of macroeconomic headlines limits intraday range.
  • The negative tone of equities favors yen's gains.

The USD/JPY pair is under selling pressure nearing last week's low of 113.08 ahead of Wall Street's opening, as the safe-haven yen is being underpinned by the sour tone of equities. The market is anyway developing in slow motion amid the absence of fundamental drivers, and the pair trades lower in range, still stuck between its 100 and 200 SMAs in the 4 hours chart, and with the longest a couple of pips above the mentioned low, reinforcing the relevance of the level. Technical indicators in the mentioned chart remain within bearish territory, but with the Momentum heading higher and the RSI flat, indicating limited selling interest at the time being. A downward acceleration through the 113.00/10 price zone should lead to a steeper decline ahead, moreover is equities retain their bearish bias. Yields behavior will also have its saying on the pair, with easing yields also adding to the pair's bearish case.

Support levels: 113.10 112.80 112.55

Resistance levels: 113.60 114.05 114.40

View Live Chart for the USD/JPY 

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