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24 Feb 2014
USD/JPY steady around 102.50
FXStreet (Córdoba) - The USD/JPY started the week rising slightly and after a few minutes of trading managed to rise above 102.50. Price remains calm, hovering around 102.50. During Friday’s American session the pair failed to consolidate above 102.70 and fell, ending the week at 102.45.
The US dollar finished with a weekly gain of almost a hundred pips last week and approached 103.00, reaching on Friday at 102.83 the highest price since January 30.
USD/JPY technical outlook
In the short-term the pair continue to move sideways facing resistance at 102.70 and support above 101.00. On a wider view, Alexander Nikolov founder or Trend Recognition, expects another leg down toward the 98.70 area. To the upside, Nikolov affirms: “a sustained move above 102.80 will be a bullish development signalling further rally twd 104.65”.
The US dollar finished with a weekly gain of almost a hundred pips last week and approached 103.00, reaching on Friday at 102.83 the highest price since January 30.
USD/JPY technical outlook
In the short-term the pair continue to move sideways facing resistance at 102.70 and support above 101.00. On a wider view, Alexander Nikolov founder or Trend Recognition, expects another leg down toward the 98.70 area. To the upside, Nikolov affirms: “a sustained move above 102.80 will be a bullish development signalling further rally twd 104.65”.