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Forex: USD/JPY bounces at 101.85; back to 102.50

FXstreet.com (San Francisco) - After declining from a 4 ½ year high of 102.76 to trade at intra-day lows around 101.85, the USD/JPY bounced back to price above the 102.00 area and to test the 102.50. Currently the pair is trading at 102.45.

The USD/JPY is trading almost flat on the day but short term perspective remains to the upside as the FXstreet.com trend index shows the pair as slightly bullish in the 15-minute chart. Indicators such as CCI and Momentum are bullish while the MACD and the Stochastic are neutral.

Above the 102.50, resistances are seen at 102.76 (daily high) and 103.00/05 (psychological level/high Oct 14 2008). On the other hand, if USD/JPY falls below the 102.05/00 area (daily lows/psychological level), next supports could be found at 101.50 (low May 13/100-hour SMA) and 101.25 (low May 14).

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