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14 Mar 2014
USD/JPY treading water near 101.40
FXStreet (Edinburgh) - The USD/JPY is now looking to stabilize in the region of 101.40/45 at the end of the week, maintaining the lower band of the weekly range.
USD/JPY lower on risk aversion
The increased sentiment towards the risk aversion took a toll on the pair this week amidst concerns over the performance of the Chinese economy and the Russia-Ukraine crisis, all ahead the key referendum in Crimea due on Sunday. “The break below 101.90 broke the last (short-term) vestiges of a positive USD/JPY profile and highlighted the counter likelihood that a corrective rebound off 100.75 completed on the test of 103.75. USD/JPY is now approaching rising (flag?) support at 101.40. A break of this level could trigger a swift test of 100.00 if not a measured move to 99.00-10”.
USD/JPY levels to watch
As of writing the pair is down 0.43% at 101.39 with the next support at 101.00 (weekly Kijun Sen). On the upside, a break above 102.49 (Kijun Sen) would aim for 102.59 (Tenkan Sen) and then 102.60 (daily cloud base).
USD/JPY lower on risk aversion
The increased sentiment towards the risk aversion took a toll on the pair this week amidst concerns over the performance of the Chinese economy and the Russia-Ukraine crisis, all ahead the key referendum in Crimea due on Sunday. “The break below 101.90 broke the last (short-term) vestiges of a positive USD/JPY profile and highlighted the counter likelihood that a corrective rebound off 100.75 completed on the test of 103.75. USD/JPY is now approaching rising (flag?) support at 101.40. A break of this level could trigger a swift test of 100.00 if not a measured move to 99.00-10”.
USD/JPY levels to watch
As of writing the pair is down 0.43% at 101.39 with the next support at 101.00 (weekly Kijun Sen). On the upside, a break above 102.49 (Kijun Sen) would aim for 102.59 (Tenkan Sen) and then 102.60 (daily cloud base).