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3 Feb 2015
USD/JPY hovers around 117.50
FXStreet (Córdoba) - USD/JPY trades little changed on the day at the 117.50 zone, having bounced from a fresh 3-week low of 116.87 scored during the Asian session.
USD/JPY started this week on the back foot and resumed its sideways pattern in a lower range, after breaking below 117.20, level that acted as support since mid-January. Now the 116.85 zone stands as immediate support, while immediate resistance is seen at one-cent distance at 117.85.
USD/JPY short-term outlook
“Despite trading near the base of its latest range, the pair has set a lower low for the week at 116.87, reflecting the increasing selling interest”, said Valeria Bednarik, chief analyst at FXStreet. In terms of technical levels, Bednarik locates next supports at 116.90, 116.60 and 116.20, while she places immediate resistances at 117.30, 117.70 and 118.10.
USD/JPY started this week on the back foot and resumed its sideways pattern in a lower range, after breaking below 117.20, level that acted as support since mid-January. Now the 116.85 zone stands as immediate support, while immediate resistance is seen at one-cent distance at 117.85.
USD/JPY short-term outlook
“Despite trading near the base of its latest range, the pair has set a lower low for the week at 116.87, reflecting the increasing selling interest”, said Valeria Bednarik, chief analyst at FXStreet. In terms of technical levels, Bednarik locates next supports at 116.90, 116.60 and 116.20, while she places immediate resistances at 117.30, 117.70 and 118.10.