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USD/JPY testing the 102.00 barrier

FXstreet.com (Barcelona) - The USD/JPY has waned off its highs, recorded earlier in the heights of 102.35, however at the onset of US trading the pair has found a home at the 102.00 barrier.

According to the ANZ Research Team, “The potential for USD/JPY gains through 105.60 to the 110.00-111.75 area persists, though interim support (“buy” at 101.55, stops 99.45) held, but vulnerabilities have increased. “

Briefing the technicals, Mataf.net analysts have calculated the next short-term resistances for the USD/JPY at 102.01, then 102.44, and finally 103.07. On the decline, a break below 100.95 will foster supportive structures at 100.32 and 99.99. At the time of writing, the pair is now trading at +1.04% above its opening.

The USD/JPY moved to the upside in response to the oversold signals shown on the stochastic, however we find it stable below its linear regression indicators and 102.50 forcing us to hold on to our negative expectations where we think that the pair entered a bearish correction within the general ascending channel. Trading below 101.70 again might confirm the downside move.” warns the Technical Analyst Team at ICN.com.

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