USD/JPY finds support after morning slide

FXstreet.com (Barcelona) - Having posted an overnight high at 99.15, USD/JPY slide into the European session to post a recent low at 98.28 where it is currently finding near term support.

Asian stocks presented a mixed picture in the aftermath of softer than expected Friday US jobs data and consequential tapering expectations, with the Nikkei closing down -1.44%, and USD/JPY was lead lower and is currently trading down -0.49%. A quiet day for data saw little of night overnight but generally better than expected European Services PMIs, and an improvement in the EU Sentix Investor Confidence Index. Ahead for the rest of the day we have just EU Retail Sales and US ISM Non-Manufacturing PMI.

USD/JPY Technically bearish

The FXstreet.com Trend Index is indicating that USD/JPY is technically bearish. A view to the daily classic pivot points shows that spot is currently finding support above the daily S1 level at 98.42, with S2 at 97.88 and S3 at 97.11 below. Above resistance can be found at the daily pivot at 99.19, R1 at 99.73, R2 at 100.50 and R3 at 101.04. Hourly oscillators show Stochastics in oversold territory at 14, and the RSI at 34. Spot also looks to have found support at the lower hourly volatility band.