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22 Mar 2013
Forex: USD/JPY breaks lower to 94.79/81
FXstreet.com (Barcelona) - The USD/JPY has fallen off the 95.00 barrier in recent minutes, with investors optimistic of a speedy and painless resolution in Cyprus, perhaps available in a matter of hours. Having trended lower now at -0.25% off its opening, the exchange has settled at 94.79/81 at the time of writing.
Mataf.net analysts point to supports at 94.36, onto 93.71, and finally 92.87. Conversely, a paring of recent losses and a subsequent move to the upside will result in USD/JPY testing calculated resistance at 95.85, ahead of 96.68, and 97.34.
According to Strategist Saeed Amen at Nomura, “In looking at the daily charts we note that RSI has reached levels where recently spot has bottomed out. With bandwidth stalling, it suggests spot is likely to range (rather than breakout lower). The 20-day SMA is also providing downward support.”
Mataf.net analysts point to supports at 94.36, onto 93.71, and finally 92.87. Conversely, a paring of recent losses and a subsequent move to the upside will result in USD/JPY testing calculated resistance at 95.85, ahead of 96.68, and 97.34.
According to Strategist Saeed Amen at Nomura, “In looking at the daily charts we note that RSI has reached levels where recently spot has bottomed out. With bandwidth stalling, it suggests spot is likely to range (rather than breakout lower). The 20-day SMA is also providing downward support.”