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23 Sep 2014
USD/JPY maintains tight range with bearish bias
FXStreet (Barcelona) - USD/JPY is trading at 108.83, having posted a daily high at 108.89 and low at 108.77.
The USD/JPY has remained within a tight spot overnight in European and US markets, tucked in below the 109 handle and weighed upon by stocks according to Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart indicators had turned strongly south, with momentum approaching 100 and RSI below 70, but with no signs of downward continuation”. She explained that levels to watch are 108.55 price zone to the downside and recent high of 109.45 to the upside. “A break of any of them is required to see the pair establishing a firmer directional tone”.
Support and resistance zones
Support levels: 108.95 108.55 108.10
Resistance levels: 109.45 109.75 110.20
The USD/JPY has remained within a tight spot overnight in European and US markets, tucked in below the 109 handle and weighed upon by stocks according to Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart indicators had turned strongly south, with momentum approaching 100 and RSI below 70, but with no signs of downward continuation”. She explained that levels to watch are 108.55 price zone to the downside and recent high of 109.45 to the upside. “A break of any of them is required to see the pair establishing a firmer directional tone”.
Support and resistance zones
Support levels: 108.95 108.55 108.10
Resistance levels: 109.45 109.75 110.20