FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that USD/JPY traded in quite a limited range overnight of about 30 pips, stuck above the 123.30 level, the immediate short term support.
Key Quotes:
“With no Japanese data scheduled for the upcoming Asian session, the pair will likely remain range bound until the upcoming FED economic policy meeting outcome on Wednesday.”
“In the meantime, the short term picture favors the downside, as in the 1 hour chart, the pair is unable to advance beyond a bearish 100 SMA, whilst the technical indicators present mild bearish slopes in neutral territory.”
“In the 4 hours chart, the price has been also capped by its 100 SMA, currently at 123.80, while the technical indicators have turned lower and crossed their mid-lines, supporting additional declines, particularly on a downward acceleration below the mentioned support.”
(Market News Provided by FXstreet)