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USD/JPY entrenched in negative territory at 100.60/68

FXstreet.com (Barcelona) - The USD/JPY has been trading in unfamiliar territory as of late, falling for the second straight day as the USD continues to wane across the board against the G10 majors.

Indeed, the USD/JPY has lost its grip on the 101.00 level Thursday, continuing to weaken towards the 100.46 level (session low) during European trading. While the pair is presently operating above this level at 100.60/68, one doesn’t need to read the tea leaves to realize that headwinds are persisting in the short-term.

The Mataf.net analyst team identifies the next means of supportive fortification at 100.41, followed by 99.55, 98.51. On the rise, a break above 102.31 will foster resistive measures at 103.35 and 104.21.

According ICN.com Technical Analyst Team, “The USD/JPY is still trading negatively and the downside move is likely to extend to retest 99.85 levels at least as previously mentioned. Despite that the stochastic is trading close to oversold areas, it has negatively crossed over and RSI is trading negatively breaking line 50 to the downside.”

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