USD/JPY Forecast: The Japanese yen remains strong against all of its major rivals

Valeria Bednarik FXStreet

USD/JPY Current price: 101.61

View Live Chart for the USD/JPY

The Japanese yen remains strong against all of its major rivals, having ignored some early market rumors suggesting the local government is ready to add another ¥10 trillion stimulus package sometime this year. The news helped the Nikkei, as the benchmark recovered some of its latest losses, up roughly 2.40% this Monday, but the yen remains quite vulnerable to risk sentiment. The USD/JPY pair trades at the lower end of its daily range ahead of the US opening, with the overall negative tone present in the short term, as in the 1 hour chart, the pair is currently developing below the 100 and 200 SMAs, whilst the technical indicators have turned lower within negative territory. In the 4 hours chart, the technical indicators present a strong downward momentum near oversold readings, whilst the 100 SMA supports a continued decline, heading sharply lower well above the current level.

Support levels: 101.40 101.00 100.75

Resistance levels: 101.95 102.30 102.80

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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