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25 Feb 2013
Forex: USD/JPY recovers again above 94.00
Following headlines over new BoJ chief election, USD/JPY printed yet another fresh 34-month highs at 94.60 in very early Asia-Pacific trade, up from previous weekly close Friday in the 93.40 area, last at 94.10, settled down around this quote for last 4 hours. Nikkei index rose more than 2% for the day on the news above the 11600 points mark, leading local share markets gains.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators turning back south in positive territory, although the strong upward momentum triggered at the opening should be discarded for a couple hours more. In the 4 hours chart however, the bullish tone has gained momentum, and if price manages to stay above the 94.00 level, chances are of a positive continuation trough this Monday,” the analyst notes.
For Valeria, support levels are seen at: 94.05, 93.80 and 93.30, while resistance levels at: 94.55, 94.90 and 95.20.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “The hourly chart shows indicators turning back south in positive territory, although the strong upward momentum triggered at the opening should be discarded for a couple hours more. In the 4 hours chart however, the bullish tone has gained momentum, and if price manages to stay above the 94.00 level, chances are of a positive continuation trough this Monday,” the analyst notes.
For Valeria, support levels are seen at: 94.05, 93.80 and 93.30, while resistance levels at: 94.55, 94.90 and 95.20.