Analysis USD/JPY - FXStreet

Analysis USD/JPY - FXStreet

16 May 2016, 18:47
Roberto Jacobs
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Analysis USD/JPY - FXStreet


USD/JPY Current price: 108.78

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Sellers around 109.00. The USD/JPY pair was incapable to regain the 109.00 figure during the first half of the day, having traded as high as 108.98 during Asian trading hours. Worse-than-expected US data, as the NY Empire state manufacturing index came in negative against the forecasted advance, is further limiting the upside, although the pair lacks momentum at the time being, due to the absence of volume across Europe. Technically, the 1 hour chart shows that the price is unable to settle above a flat 100 SMA, while the technical indicators are turning slightly lower above their mid-lines. In the 4 hours chart, the price continues trapped between moving averages, whilst the technical indicators crossed into negative territory, with not enough strength, however, to confirm a downward continuation. Should the price accelerate below 108.60 the immediate support, a bearish move seems more likely, down to 107.70/108.20. 

Support levels: 108.60 108.20 107.70

Resistance levels: 109.00 109.50 110.00


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