USD/JPY better bid in positive Tokyo open

Ross J Burland FXStreet

The Nikkei 225 opened flat and headed -0.1% lower in the initial trade before reversing and making fresh high at 20198.50, lifting USD/JPY to 111.35 the high.

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USD/JPY has been supported near the 111.00 which limited its descent at the start of last week. "However, without greater support from the Treasury market, the greenback looks vulnerable, with an initial target near JPY110.65, argued analysts at Brown Brothers Harriman, adding the following: "It spent a good part of the first half of June below the 200-day moving average, we would not ascribe much significance to it now, but note that it is found just below JPY111.00."

USD/JPY levels

In the daily chart, Valeria Bednarik, chief analyst at FXStreet explained it shows that the price met selling interest on approaches to the 100 DMA, currently converging with the 50% retracement of the latest daily slide around 112.00, while technical indicators head nowhere, but remain within a positive territory.

USD/JPY 4hr chart

Bednarik adds, "Shorter term, the 4 hours chart presents a neutral-to-bearish stance, with the price stuck around a modestly bearish 200 SMA, and technical indicators heading marginally lower around their mid-lines. A critical support comes at 110.90, the 38.2% retracement of the mentioned rally, with a break below it favoring a bearish extension towards the 110.00 region."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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