USD/JPY Forecast: Still contained by sellers around 104.00

Valeria Bednarik FXStreet

USD/JPY Current price: 103.74

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Still contained by sellers around 104.00. The USD/JPY pair again failed to sustain gains beyond the 104.00 figure, retreating from a daily high of 104.20. BOJ's Kuroda was on the wires this Friday, and he said that the Central Bank may push back the date for hitting its inflation target, given the underlying weakness in price growth. The BOJ is scheduled to meet next November 1st. Also, an 6.6 magnitude earthquake struck Tottori Prefecture and surrounding areas, which supported the yen's strength on risk aversion. The pair trades mid-range, although in the short term the risk has turned towards the downside, as the price is developing now below its 100 and 200 SMAs, with the shortest having broke below the largest, and technical indicators presenting moderate bearish slopes within negative territory. In the 4 hours chart, technical indicators present a neutral stance, moving back and forth around their mid-lines, although a strongly bullish 100 SMA offers an immediate support around 103.25.

Support levels: 103.25 102.90 102.60

Resistance levels: 103.85 104.20 104.60

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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