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14 May 2013
Forex: USD/JPY keeps pushing, eyes on 102.00
FXstreet.com (Barcelona) - The USD rally has resumed its momentum on Tuesday, lifting the cross closer to the key resistance at 102.00 bolstered by the increasing risk aversion.
“Prices broke above resistance at 101.42, the 76.4% Fibonacci expansion, clearing the way for a move to challenge the 100% level at 103.16. The 101.42 mark has been recast as near-term support, with a reversal back beneath that exposing the 61.8% Fib at 100.34”, suggested I.Spivak, Currency Strategist at DailyFX.
As of writing the cross is advancing 0.15% at 101.98 with the next hurdle at 102.15 (2013 high May 13) ahead of 102.16 (high Oct.21 2008) and finally 102.42 (high Oct.20 2008).
On the downside, a break below 101.25 (low May 140 would open the door to 100.79 (high May 9) and then 100.54 (low May 10).
“Prices broke above resistance at 101.42, the 76.4% Fibonacci expansion, clearing the way for a move to challenge the 100% level at 103.16. The 101.42 mark has been recast as near-term support, with a reversal back beneath that exposing the 61.8% Fib at 100.34”, suggested I.Spivak, Currency Strategist at DailyFX.
As of writing the cross is advancing 0.15% at 101.98 with the next hurdle at 102.15 (2013 high May 13) ahead of 102.16 (high Oct.21 2008) and finally 102.42 (high Oct.20 2008).
On the downside, a break below 101.25 (low May 140 would open the door to 100.79 (high May 9) and then 100.54 (low May 10).