Back
16 Apr 2014
USD/JPY extends rise to 8-day high
FXStreet (Córdoba) - The USD/JPY managed to break decisively above 102.00 and extended gains to 1-week highs as the yen weakened broadly on the back of Japanese officials' comments and the rise the Nikkei share index.
The Nikkei rallied around 3% on Wednesday as risk sentiment recovered in Asia. The inverse relationship between the Nikkei and the yen helped the USD/JPY to clear the 102.00 area and to reach a fresh 8-day peak of 102.35 in recent dealings. At time of writing, the pair is trading at 102.30, recording a 0.39% gain on the day.
USD/JPY technical levels
In terms of technical levels, if the USD/JPY breaks above 102.35, next resistances are seen at 102.49 (20-day SMA) and 102.88 (100-day SMA). On the other hand, supports could be found at 101.80 (Apr 16 low), 101.49 (Apr 15 low) and 101.32 (Apr 11 low).
The Nikkei rallied around 3% on Wednesday as risk sentiment recovered in Asia. The inverse relationship between the Nikkei and the yen helped the USD/JPY to clear the 102.00 area and to reach a fresh 8-day peak of 102.35 in recent dealings. At time of writing, the pair is trading at 102.30, recording a 0.39% gain on the day.
USD/JPY technical levels
In terms of technical levels, if the USD/JPY breaks above 102.35, next resistances are seen at 102.49 (20-day SMA) and 102.88 (100-day SMA). On the other hand, supports could be found at 101.80 (Apr 16 low), 101.49 (Apr 15 low) and 101.32 (Apr 11 low).