3 Feb 2014
USD/JPY's short trip below 101.00
FXStreet (San Francisco) - The USD/JPY made a short trip below the 101.00 key level with the pair extending losses from 102.15 to trade at lowest since November 21 at 100.78, however the pair bounced slightly to price at 101.05.
The USD/JPY is currently trading at 101.03, 1.09% negative in the day. The short term perspective remains slightly bearish according to the FXStreet trend index in the 15-minute chart. CCI and Momentum are pointing to the south while the Stochastic and the MACD are neutral.
According to Peter Fell, the USD/JPY is "approaching 50% fibo at 100.60 on the 95.78 / 105.43 rise." Fell points that "if short I would be looking to cover some shorts, at the very least, I would expect the Japanese importers to take some cover when they enter the market a little later."
USD/JPY bias
The USD/JPY would face supports at 100.60, 100.40 and 100.00. On the upside, resistances are at 101.20, 101.70 and 102.00.
The USD/JPY is currently trading at 101.03, 1.09% negative in the day. The short term perspective remains slightly bearish according to the FXStreet trend index in the 15-minute chart. CCI and Momentum are pointing to the south while the Stochastic and the MACD are neutral.
According to Peter Fell, the USD/JPY is "approaching 50% fibo at 100.60 on the 95.78 / 105.43 rise." Fell points that "if short I would be looking to cover some shorts, at the very least, I would expect the Japanese importers to take some cover when they enter the market a little later."
USD/JPY bias
The USD/JPY would face supports at 100.60, 100.40 and 100.00. On the upside, resistances are at 101.20, 101.70 and 102.00.