USD/JPY retraces from a high of 104.88, short rallies

FX:USDJPY   U.S. Dollar/Japanese Yen
256 0 8
Yen picking up a bid in early Tokyo, USD/JPY             retraces from session high of 104.88, intraday bias bearish .

On a 2-hourly chart, the pair finds strong support at 130.95, break below will see test of 103.35 levels.

Technical indicators support downside, Stochs are on the verge of a bearish rollover from overbought and RSI is biased lower.

BOJ Governor Kuroda and Prime Minster Abe             have been advocating easing measures that could come anytime.

A break above 105.40 should confirm a continued advance for this Wednesday, with scope to extend up to 106.80.

Support on the downside is seen at 103.95 ( trendline ), 103.61 (2H 20-MA) and then 103.07 (20-DMA).

On the upside resistance is located at 104.88 (session highs), 104.98 (July 12 high) and then 105.

Trade Idea: Short rallies around 104.20, SL: 104.60, TP: 103.60/103.35

Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out