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10 Mar 2014
USD/JPY starts the week lower but above 103.00
FXStreet (Córdoba) - The USD/JPY opened the week testing the lows of Friday’s American session at 103.10. So far it has been able to hold above and trades at 103.17, less than 10 pips below the price it closed on Friday. Last week the USD/JPY rose 150 pips after breaking above 102.70 and 103.00.
Technical outlook for the USD/JPY
“Technically, the 4 hour charts suggest that we may have seen a short term top at Friday’s high and I am not sure that we are heading too much above 103.50 today and the weak Chinese data released over the weekend would seem to suggest that the dollar will open weaker on Monday,” says Jim Langlands from FX Charts.
From a technical perspective, Langlands points out that if the USD/JPY rises above 103.75, “would suggest a run towards 104.00 and probably to 104.30”. While to the downside, he sees support at the rising trend line at 103.00 and below here around 102.80 and then at 102.50.
Technical outlook for the USD/JPY
“Technically, the 4 hour charts suggest that we may have seen a short term top at Friday’s high and I am not sure that we are heading too much above 103.50 today and the weak Chinese data released over the weekend would seem to suggest that the dollar will open weaker on Monday,” says Jim Langlands from FX Charts.
From a technical perspective, Langlands points out that if the USD/JPY rises above 103.75, “would suggest a run towards 104.00 and probably to 104.30”. While to the downside, he sees support at the rising trend line at 103.00 and below here around 102.80 and then at 102.50.