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11 Aug 2014
USD/JPY keeps its head above 102.00
FXStreet (Bali) - USD/JPY is trading at 102.08, unchanged from the last NY close, with the pair having recovered off 101.59, Friday low, which also marked the cheapest level in 2 weeks.
According to Valeria Bednarik, Chief Analyst at FXStreet: "Short term, the outlook is mild bullish, with indicators strongly up in positive territory, but 100 SMA with a strong bearish slope above current price, acting as dynamic resistance in the 102.30 price zone. In the 4 hours chart indicators bounced strongly from oversold levels and approach their midlines, still below them, reinforcing the need of a break higher to confirm more advances."
According to Valeria Bednarik, Chief Analyst at FXStreet: "Short term, the outlook is mild bullish, with indicators strongly up in positive territory, but 100 SMA with a strong bearish slope above current price, acting as dynamic resistance in the 102.30 price zone. In the 4 hours chart indicators bounced strongly from oversold levels and approach their midlines, still below them, reinforcing the need of a break higher to confirm more advances."