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13 Mar 2014
USD/JPY falls to 1-week low
FXStreet (Córdoba) - The USD/JPY failed to sustain at daily highs and took a 180 degree turn and fell to fresh lows during the American session in a bout of risk aversion.
With stocks turning negative in Wall Street, the USD/JPY came under pressure and fell to a 1-week low of 102.28 in recent dealings. At time of writing, the USD/JPY is trading at the 102.30 zone, recording a 0.4% loss in the day.
USD/JPY short-term outlook
From a technical view, Valeria Bednarik, chief analyst at FXSteet notes that the USD/JPY remains vulnerable. "The hourly chart shows indicators holding below their midlines and price struggling around its 200 SMA, while in the 4 hours chart technical readings maintain a strong bearish tone that supports further dollar weakness".
Bednarik sees immediate supports at 102.10 and 101.70, while resistances are seen at 103.00, 103.45 and 103.90.
With stocks turning negative in Wall Street, the USD/JPY came under pressure and fell to a 1-week low of 102.28 in recent dealings. At time of writing, the USD/JPY is trading at the 102.30 zone, recording a 0.4% loss in the day.
USD/JPY short-term outlook
From a technical view, Valeria Bednarik, chief analyst at FXSteet notes that the USD/JPY remains vulnerable. "The hourly chart shows indicators holding below their midlines and price struggling around its 200 SMA, while in the 4 hours chart technical readings maintain a strong bearish tone that supports further dollar weakness".
Bednarik sees immediate supports at 102.10 and 101.70, while resistances are seen at 103.00, 103.45 and 103.90.