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18 Apr 2014
USD/JPY conquers 38.2 fib, 102.60 eyed
FXStreet (Bali) - USD/JPY is consolidating recent gains just above the 38.2% fibonacci retracement of the April 4-April 10 decline, having broken its last swing high at 102.37, a bullish technical break that should keep the pair well supported in Asia.
Recent USD/JPY progress came on the back on improved US indicators which included US claims and the Philly Fed data. The rise in US bond yields and equities also weighed on the Yen, which ends Thursday recording its fifth consecutive losing day vs a stronger US Dollar.
According to Valeria Bednarik, Chief Analyst at FXStreet: "The USD/JPY trades at fresh weekly highs, approaching 102.60 resistance as US afternoon fades. The pair has been favored by dovish BOJ comments along with rising stocks, looking now overbought in the hourly chart with indicators turning lower at the extremes. In the 4 hours chart technical readings present a strong upward momentum supporting further upward continuations probably limited by thin markets."
Recent USD/JPY progress came on the back on improved US indicators which included US claims and the Philly Fed data. The rise in US bond yields and equities also weighed on the Yen, which ends Thursday recording its fifth consecutive losing day vs a stronger US Dollar.
According to Valeria Bednarik, Chief Analyst at FXStreet: "The USD/JPY trades at fresh weekly highs, approaching 102.60 resistance as US afternoon fades. The pair has been favored by dovish BOJ comments along with rising stocks, looking now overbought in the hourly chart with indicators turning lower at the extremes. In the 4 hours chart technical readings present a strong upward momentum supporting further upward continuations probably limited by thin markets."