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8 Jan 2014
USD/JPY fails to hold above 105.00
FXstreet.com (Córdoba) - The USD/JPY rallied back above 105.00 Wednesday underpinned by Nikkei gains, although it failed to sustain above the psychological mark and retraced some gains during the European trade.
The USD/JPY picked up pace and rose to a high of 105.11 before the rally lost momentum. The USD/JPY has eased from highs, dipping to a session low of 104.65 and it was last up 0.2% at the 104.75 area. Up ahead, ADP employment report and the FOMC minutes will be the US session highlights.
USD/JPY technical outlook
"The intraday bias is positive above 104.70 minor support, for another test of 105.40 major resistance", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the downside is 104.32 low and a break through the latter will expose 103.70 major support".
In terms of technical levels, the USD/JPY could face immediate resistances at 105.11 (daily high) and 105.44 (2014 high Jan 2). On the other hand, supports are seen at 104.60 (100-hour SMA), 104.16 (Jan 7 low) and 103.90 (Jan 6 low).
The USD/JPY picked up pace and rose to a high of 105.11 before the rally lost momentum. The USD/JPY has eased from highs, dipping to a session low of 104.65 and it was last up 0.2% at the 104.75 area. Up ahead, ADP employment report and the FOMC minutes will be the US session highlights.
USD/JPY technical outlook
"The intraday bias is positive above 104.70 minor support, for another test of 105.40 major resistance", says Stoyan Mihaylov, analyst at DeltaStock.com. "Crucial on the downside is 104.32 low and a break through the latter will expose 103.70 major support".
In terms of technical levels, the USD/JPY could face immediate resistances at 105.11 (daily high) and 105.44 (2014 high Jan 2). On the other hand, supports are seen at 104.60 (100-hour SMA), 104.16 (Jan 7 low) and 103.90 (Jan 6 low).