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8 Jul 2013
USD/JPY off session highs at 101.50
FXstreet.com (Barcelona) - The USD/JPY foreign exchange rate is last trading at 101.19, flat for the day so far, off recent session highs at 101.52, selling off in the back of local share markets “down on Beijing talk of stifling credit to old industries,” said Reuters Asian markets editor Nachum Kaplan.
USD/JPY caution warranted to the upside
“The daily charts are pointing higher, so if we can take out the nearby resistance, then we should be looking for the dollar to run up towards 102.00, 102.50 and possibly eventually to test 103.73 recent high,” noted FX Charts analyst Jim Langlands, adding: “The 4 hour charts are also pointing north, although the MACD’s do look as though they may be running out of steam on the topside, so some caution is warranted.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at July 03 highs 100.87, followed by May 24 lows at 100.64, and June 05 highs at 100.47. To the upside, closest resistance shows at recent session highs 101.51, followed by May 30 highs at 101.80, and May 10 highs at 101.99.
USD/JPY caution warranted to the upside
“The daily charts are pointing higher, so if we can take out the nearby resistance, then we should be looking for the dollar to run up towards 102.00, 102.50 and possibly eventually to test 103.73 recent high,” noted FX Charts analyst Jim Langlands, adding: “The 4 hour charts are also pointing north, although the MACD’s do look as though they may be running out of steam on the topside, so some caution is warranted.”
USD/JPY key technical levels
Immediate support to the downside for USD/JPY lies at July 03 highs 100.87, followed by May 24 lows at 100.64, and June 05 highs at 100.47. To the upside, closest resistance shows at recent session highs 101.51, followed by May 30 highs at 101.80, and May 10 highs at 101.99.