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USD/JPY drifting sideways just above 100.00

The USD/JPY closed the session slightly lower, losing 29 pips to finish at 100.47 (lowest closing price since May 7th). The pair is drifting sideways in a narrow range in early Asia trade, down 5 pips at 100.42.

The FXStreet.com Trend Index remains slightly bearish on the daily chart, while the ob/os index reads neutral. Short term moving averages are also sitting in a slightly bearish set up, with price consolidating below both the 9 and 20 dma’s. The RSI (14) remains neutral, consolidating between 40 and 60 as neither side can generate enough momentum to sustain follow through in recent weeks.

According to Val Bednarik of FXStreet.com, "the USD/JPY maintains the short term bearish bias, with the hourly chart showing price below 100 and 200 SMAs and indicators heading south below their midlines. Past week low around 100.20 is the immediate support level, and a break below should see a quick slide towards 99.70, stronger support area, as per several highs over the past months. If buyers are unable to defend the mark, the bearish corrective movement may extend a couple hundred pips this June. In the short term, gains above 100.65 should provide some temporal relief, yet only above far away 102.00 the downside will be denied."

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