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23 Apr 2014
USD/JPY drifting towards strong channel resistance
FXStreet (Guatemala) - Currently, USD/JPY is trading at 102.65, up 0.04% on the day, having posted a daily high at 102.71 and low at 102.55.
USD/JPY is drifting higher on the bid currently and the Westpac Global Strategy Group explained that they retain their long USD/JPY stance for another week. “To be sure, BoJ governor Kuroda is not giving the slightest hint of new easing measures on 30 April. But the 101 handle has found consistent buyers for weeks now, almost regardless of swings in global equity markets”. They went on to suggest that they are willing to be patient on the pair, initially counting on better US data gradually emerging, supporting the USD yield pickup over JPY.
USD/JPY overbought?
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 59.65, down from 60.55 at the last hour close, while ADX is ranging at 27.46, up from 15.93 previous. Meanwhile, daily RSI is in neutral territory at 52.70. On the hourly USD/JPY chart, the 200 SMA is climbing and currently at 102.59, up from the previous hour close at 102.11. On average, the exponential closing price for the past 20 days is 102.41, with the trend indicating a range-bound movement ahead.
USD/JPY Levels
Spot is presently trading at 102.65, and next resistance can be seen at 102.71 (Daily High), 102.74 (Yesterday's High), 102.77 (Daily Classic R1), 102.87 (Weekly Classic R1) and 102.92 (Daily Classic R2). Support below can be found at 102.62 (Daily Open), 102.61 (Weekly High), 102.60 (Hourly 20 EMA), 102.59 (Daily Classic PP) and 102.55 (Daily Low).
USD/JPY is drifting higher on the bid currently and the Westpac Global Strategy Group explained that they retain their long USD/JPY stance for another week. “To be sure, BoJ governor Kuroda is not giving the slightest hint of new easing measures on 30 April. But the 101 handle has found consistent buyers for weeks now, almost regardless of swings in global equity markets”. They went on to suggest that they are willing to be patient on the pair, initially counting on better US data gradually emerging, supporting the USD yield pickup over JPY.
USD/JPY overbought?
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish. At the time of writing, RSI is neutral at 59.65, down from 60.55 at the last hour close, while ADX is ranging at 27.46, up from 15.93 previous. Meanwhile, daily RSI is in neutral territory at 52.70. On the hourly USD/JPY chart, the 200 SMA is climbing and currently at 102.59, up from the previous hour close at 102.11. On average, the exponential closing price for the past 20 days is 102.41, with the trend indicating a range-bound movement ahead.
USD/JPY Levels
Spot is presently trading at 102.65, and next resistance can be seen at 102.71 (Daily High), 102.74 (Yesterday's High), 102.77 (Daily Classic R1), 102.87 (Weekly Classic R1) and 102.92 (Daily Classic R2). Support below can be found at 102.62 (Daily Open), 102.61 (Weekly High), 102.60 (Hourly 20 EMA), 102.59 (Daily Classic PP) and 102.55 (Daily Low).