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USD/JPY struggling to overcome the 102 support again

FXstreet.com (Barcelona) - USD/JPY is last at 101.91, off session highs at 102.05. The pair is down -1.2% from previous Asia-Pacific open yesterday, following a massive sell-off started after bad data came out of China, sending the pair to fresh 2-week lows at 100.82, and Nikkei index closing with a -7.32% decline, the worst single day after the Tsunami 2011.

“Short term picture remains unclear, as price develops below its moving averages in the hourly chart, while indicators aim higher in negative territory, approaching their midlines,” says Valeria Bednarik, Chief Analyst at Fxstreet.com, adding: “In the 4 hours chart indicators get into negative territory and turned flat, also giving not much clues on direction. Price needs to recover and consolidate above 102.00/10 area to deny the downside and be able to extend its recovery, while renewed selling pressure below 101.20 will expose the pair to fresh weekly lows,” she concludes.

Valeria finds support levels at: 101.50, 101.25 and 100.80, while resistance levels at: 102.10, 102.40 and 102.80.

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