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24 Dec 2013
USD/JPY steady above 104.00
FXstreet.com (Buenos Aires) - After a brief fall down to 103.76 on Monday, the USD/JPY managed to regain the 104.00 mark over Asian hours, following Nikkei 225 that added 0.12% this Tuesday. Despite the lack of volume, the downside held and buyers defended the 103.80 area, sending the pair to a daily high of 104.40.
Bulls hold the lead
Currently trading around 104.30, market sentiment remains pretty bullish on the pair, according to Jason Sen from DayTradeIdeas.com, as he recommends to buy even on dips down to 102.85: “Immediate support is 104.10/05 then 103.80/75 which should hold the downside again today. However if we continue lower look for a buying opportunity at 103.45/35 with stops below 103.10. We then meet an excellent buying opportunity at 102.85/80 this week with stops needed below 103.55.”
Bulls hold the lead
Currently trading around 104.30, market sentiment remains pretty bullish on the pair, according to Jason Sen from DayTradeIdeas.com, as he recommends to buy even on dips down to 102.85: “Immediate support is 104.10/05 then 103.80/75 which should hold the downside again today. However if we continue lower look for a buying opportunity at 103.45/35 with stops below 103.10. We then meet an excellent buying opportunity at 102.85/80 this week with stops needed below 103.55.”