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3 Mar 2014
USD/JPY drifting to lows near 101.20
FXStreet (Edinburgh) - The USD/JPY yen is giving ground on Monday, as safe haven inflows accelerate after the Russia-Ukraine developments.
USD/JPY in 4-week lows
The pair continues to grind lower at the beginning of the week, hovering over 101.25/20 amidst increasing risk-off sentiment. Analysts at BBH argued “The uptrend off the early February lows was violated in the second half of last week. The dollar recorded lower highs and lower lows every day last week, yet there is not much momentum… The 100-day moving average, which the dollar has closed below once since mid-Nov 2013 comes in near JPY101.85 now, and is still rising about 20 ticks a week. The JPY102.45 marks nearby resistance, but the JPY102.70-80 capped efforts to rally in February remains the key hurdle to stronger dollar recovery”.
USD/JPY levels to consider
At the moment the pair is retreating 0.52% at 101.24 and a breakdown of 100.80 (low Feb.5) would expose 100.76 (2014 low Feb.4) and finally 100.68 (weekly Kijun Sen). On the upside, the initial hurdle aligns at 102.00 (psychological level) ahead of 102.30 (high Feb.28) and finally 102.45 (high Feb.27).
USD/JPY in 4-week lows
The pair continues to grind lower at the beginning of the week, hovering over 101.25/20 amidst increasing risk-off sentiment. Analysts at BBH argued “The uptrend off the early February lows was violated in the second half of last week. The dollar recorded lower highs and lower lows every day last week, yet there is not much momentum… The 100-day moving average, which the dollar has closed below once since mid-Nov 2013 comes in near JPY101.85 now, and is still rising about 20 ticks a week. The JPY102.45 marks nearby resistance, but the JPY102.70-80 capped efforts to rally in February remains the key hurdle to stronger dollar recovery”.
USD/JPY levels to consider
At the moment the pair is retreating 0.52% at 101.24 and a breakdown of 100.80 (low Feb.5) would expose 100.76 (2014 low Feb.4) and finally 100.68 (weekly Kijun Sen). On the upside, the initial hurdle aligns at 102.00 (psychological level) ahead of 102.30 (high Feb.28) and finally 102.45 (high Feb.27).