USD/JPY: daily update
USD/JPY failed to close above 100.00 yesterday, though it almost tested 100.50. The pair’s trading on the downside, in the 99.60/50 area.
Resistance lies at 100.00, 100.50, 100.80 and 101.40/50 (74.6% Fibo). Support is at 99.40 (55-day MA), 99.05, 98.70, 98.15 (bottom of the daily Ichimoku Cloud).
We’ll probably see further choppy trading in the 98.15/101.50 range. Commerzbank suspects that the overall risk is on the downside. Ben Bernanke’s semi-annual testimony to US Congress tomorrow will be the main risk event this week. Also watch the Bank of Japan’s monetary policy meeting minutes released on Wednesday.
Chart. H4 USD/JPY