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11 Mar 2014
USD/JPY consolidates above 103.00
FXStreet (Córdoba) - Despite concerns about Ukraine re-emerging, the USD/JPY has been unable to detach from the 103.00 area, where it has spent the last sessions.
The USD/JPY steadied above 103.00 after pulling back from a post-nonfarm payrolls high of 103.75 scored Friday. However, with the subsequent dip contained by the 102.90 zone and in the absence of economic news the pair was confine to slim range. At time of writing, the USD/JPY is trading at 103.30, virtually unchanged since opening.
USD/JPY technical perspective
"USD/JPY is likely digesting its recent sharp rise. An hourly resistance lies at 103.76, whereas an hourly support can be found at 102.61. A further medium-term rise towards the resistance at 104.92 (16/01/2014 high) is favoured", says Luc Luyet, analyst at Swissquote Bank SA.
"A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 100.26) and 99.57 (see also the rising trendline from the 93.79 low (13/06/2013)) holds", the analyst adds. "A major resistance stands at 110.66 (15/08/2008 high)".
The USD/JPY steadied above 103.00 after pulling back from a post-nonfarm payrolls high of 103.75 scored Friday. However, with the subsequent dip contained by the 102.90 zone and in the absence of economic news the pair was confine to slim range. At time of writing, the USD/JPY is trading at 103.30, virtually unchanged since opening.
USD/JPY technical perspective
"USD/JPY is likely digesting its recent sharp rise. An hourly resistance lies at 103.76, whereas an hourly support can be found at 102.61. A further medium-term rise towards the resistance at 104.92 (16/01/2014 high) is favoured", says Luc Luyet, analyst at Swissquote Bank SA.
"A long-term bullish bias is favoured as long as the key support area given by the 200 day moving average (around 100.26) and 99.57 (see also the rising trendline from the 93.79 low (13/06/2013)) holds", the analyst adds. "A major resistance stands at 110.66 (15/08/2008 high)".