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24 Feb 2014
USD/JPY recovery lacks momentum
FXStreet (Córdoba) - The USD/JPY started the week on the back foot and retraced Friday gains amid risk aversion during the Asian session.
The USD/JPY came under pressure after failing to overcome the 102.70 zone and dropped to a low of 102.15 before finding support. The USD/JPY has managed to recover during the last hours along with market's sentiment and European stocks, although the bounce has been capped by 102.40 so far. At time of writing, the pair is trading around 102.35, recording a 0.1% loss on the day.
USD/JPY technical perspective
"A reversal has been confirmed at 102.82 and the intraday bias is already negative, for a slide towards 101.65 low", said Stoyan Mihaylov, analyst at DeltaStock.com. "A break through the latter will signal a renewal of the general downtrend towards 100.70 and 98.90 later on. Initial intraday resistance is projected at 102.46".
The USD/JPY came under pressure after failing to overcome the 102.70 zone and dropped to a low of 102.15 before finding support. The USD/JPY has managed to recover during the last hours along with market's sentiment and European stocks, although the bounce has been capped by 102.40 so far. At time of writing, the pair is trading around 102.35, recording a 0.1% loss on the day.
USD/JPY technical perspective
"A reversal has been confirmed at 102.82 and the intraday bias is already negative, for a slide towards 101.65 low", said Stoyan Mihaylov, analyst at DeltaStock.com. "A break through the latter will signal a renewal of the general downtrend towards 100.70 and 98.90 later on. Initial intraday resistance is projected at 102.46".