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27 Feb 2014
USD/JPY recovery capped
FXStreet (Córdoba) - The USD/JPY saw a short-lived recovery attempt at the beginning of the American session as sentiment improved somewhat, although the pair tuned back south as soon as stocks dipped into the red in Wall Street.
The USD/JPY managed to climb back above 102.00 to a session high of 102.18 but lost momentum and pulled back below the psychological mark most recently. At time of writing, the pair is trading at 101.95, recording a 0.4% loss on the day.
Meanwhile Fed Yellen's added nothing new as prepared testimony to Senate panel was identical to testimony delivered to House of Representatives on Feb 11.
USD/JPY technical perspective
"The hourly chart shows indicators still aiming higher in negative territory after correcting oversold readings, while price stands well below moving averages, unable to firm up above yesterday's low", said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart technical readings maintain a negative tone, that favor another test of mentioned daily low as long as 102.40 caps the upside".
Bednarik locates next support levels at 101.70 and 101.35 , while she sees resistances at 102.40, 102.80 and 103.20.
The USD/JPY managed to climb back above 102.00 to a session high of 102.18 but lost momentum and pulled back below the psychological mark most recently. At time of writing, the pair is trading at 101.95, recording a 0.4% loss on the day.
Meanwhile Fed Yellen's added nothing new as prepared testimony to Senate panel was identical to testimony delivered to House of Representatives on Feb 11.
USD/JPY technical perspective
"The hourly chart shows indicators still aiming higher in negative territory after correcting oversold readings, while price stands well below moving averages, unable to firm up above yesterday's low", said Valeria Bednarik, chief analyst at FXStreet. "In the 4 hours chart technical readings maintain a negative tone, that favor another test of mentioned daily low as long as 102.40 caps the upside".
Bednarik locates next support levels at 101.70 and 101.35 , while she sees resistances at 102.40, 102.80 and 103.20.