Back
22 Apr 2014
USD/JPY finds support at 102.50, key fib eyed
FXStreet (Bali) - USD/JPY has been trading on a mild bullish tone so far this week, currently at 102.64, recording its 7th consecutive day of higher highs amid low volume since last Thursday.
The pair was able to regain the 102.50 resistance early in the last Tokyo session, with the break higher turning the whole number into support, as price now continues its slow progress towards the key 50% fib retrac from the April 4-11 decline.
Valeria Bednarik, Chief Analyst at FXStreet, sees the pair in a phase of consolidation "lacking direction in the short term amid low volumes." However, our in-house Analyst added that "the pair may extend its gains over upcoming hours looking for a possible test of the 102.90/103.00 area.
The pair was able to regain the 102.50 resistance early in the last Tokyo session, with the break higher turning the whole number into support, as price now continues its slow progress towards the key 50% fib retrac from the April 4-11 decline.
Valeria Bednarik, Chief Analyst at FXStreet, sees the pair in a phase of consolidation "lacking direction in the short term amid low volumes." However, our in-house Analyst added that "the pair may extend its gains over upcoming hours looking for a possible test of the 102.90/103.00 area.