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20 Feb 2014
USD/JPY off half cent from session high
FXStreet (Bali) - USD/JPY is trading below 102.00 from an early 102.41 session high, with losses accelerating after a downbeat Chinese HSBC PMI, leading to a 1.4% decline in the Nikkei 225.
According to market sources, there are bids parked around 101.75-80 (low Tuesday), with stops reported below. Should the level give up, next support is found at 101.40 (Feb 17 low), which coincides with the bottom of the daily ichimoku cloud.
On the upside, any attempt to recover should find solid offer at today's 102.40 highs ahead of 102.70/75 resistance and 103.00, with this latter level being the most critical to change the cuurent neutral to bearish sentiment short term talking.
According to market sources, there are bids parked around 101.75-80 (low Tuesday), with stops reported below. Should the level give up, next support is found at 101.40 (Feb 17 low), which coincides with the bottom of the daily ichimoku cloud.
On the upside, any attempt to recover should find solid offer at today's 102.40 highs ahead of 102.70/75 resistance and 103.00, with this latter level being the most critical to change the cuurent neutral to bearish sentiment short term talking.