USD/JPY Forecast: Bearish momentum eases, but is not over yet

Valeria Bednarik FXStreet

USD/JPY Current price: 101.17

View Live Chart for the USD/JPY

Bearish momentum eases, but is not over yet. The USD/JPY pair fell down to 100.74 during the past Asian session, with the JPY on demand amid risk aversion, although the pair managed to bounce back above the 101.00 figure during the European morning on broad dollar's strength and as equities pared losses and began to recover ground. Following the release of US data, the pair turned modestly lower, although it's still above the 101.00 level. Technically, the 1 hour chart shows that the price remains above its 100 and 200 SMAs, both horizontal between 100.70 and 100.90, while technical indicators have turned lower around their mid-lines, not enough to confirm further slides ahead. In the 4 hours chart, the price is below its moving averages, but with no directional strength, whilst the technical indicators have turned flat within positive territory, also failing to give clear directional clues.

Support levels: 101.00 100.65 100.30

Resistance levels: 101.40 101.85 102.30

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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