TenkoFX - Analytics

    TenkoFX

    415.75 7.25/10
    68% of positive reviews
    Real

    USD/JPY Current price: 105.99


    Downward risk prevails despite US positive data. The USD/JPY pair fell down to 105.62 overnight, after the release of Japanese Industrial Production for April, revised higher to 0.5% from a previous estimate of 0.3%. Also, demand for safe-havens' assets underpinned the Japanese yen. Nevertheless, the pair bounced modestly during London trading hours, and fights to regain the 106.00 level ahead of the US opening, and following the release of modestly better US Retail Sales numbers. The ongoing risk aversion environment, however, should keep the upside limited. Technically, the 1 hour chart shows that the price is well below a bearish 100 SMA, whilst the technical indicators hold within bearish territory, with no clear directional strength. In the 4 hours chart, the technical indicators have bounced from near oversold levels, but stand well below their mid-lines, whilst the 100 and 200 SMA head lower, but are also getting closer, indicating the pair may remain within a limited intraday range. A downward acceler ation below 105.90, should favor a test of 105.50, this past May low.

    Support levels: 105.90 105.50 105.00

    Resistance levels: 106.20 106.60 106.00

    Source


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree