After opening on its session low this morning at 82.38, USD/JPY is inching higher in the early Asia-Pacific, trading up to 82.70 moments ago.
However, overall, the pair holds a bearish tone as it actually broke the daily trend line coming from early February, says Valeria Bednarik, Chief Analyst at FXstreet.com:
“The bearish momentum is clearer in the 4 hours chart according to technical indicators that head south near oversold levels,” comments Ms. Bednarik. “Below 82.30, the pair may retest 81.90 area, and once below, extend its slide towards 81.50 and 81.10.”
Last at 82.68, the pair is up more than 0.3% so far on the day, with further resistance levels noted at 82.80, 83.10 and 83.40.
However, overall, the pair holds a bearish tone as it actually broke the daily trend line coming from early February, says Valeria Bednarik, Chief Analyst at FXstreet.com:
“The bearish momentum is clearer in the 4 hours chart according to technical indicators that head south near oversold levels,” comments Ms. Bednarik. “Below 82.30, the pair may retest 81.90 area, and once below, extend its slide towards 81.50 and 81.10.”
Last at 82.68, the pair is up more than 0.3% so far on the day, with further resistance levels noted at 82.80, 83.10 and 83.40.
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