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31 Mar 2014
USD/JPY testing offers near 103.00
FXStreet (Bali) - USD/JPY is on a firm footing at the Asia open, currently approaching the 103.00 round number from a 102.80 NY close last Friday.
From an ichimoku perspective, the pair is getting into closer contact with the daily cloud top at 103.10, a level which if broken, could set the stage for more ambitious targets towards 103.40 (intraday level) ahead of 103.70 (61.8% fib retrac from the Dec-Jan decline). Only above the latter, USD/JPY could aspire to test the 104.35 handle, which aligns with the 76.4% fib retrac from the mentioned Dec-Jan fall.
On the flip side, topside failure to regain the top of the cloud could see sellers aiming back towards 102.50 support (38.2% fib retrac March 28-28 rise/kijun daily), potentially exploiting a void area of 30/40 pips in the process.
From an ichimoku perspective, the pair is getting into closer contact with the daily cloud top at 103.10, a level which if broken, could set the stage for more ambitious targets towards 103.40 (intraday level) ahead of 103.70 (61.8% fib retrac from the Dec-Jan decline). Only above the latter, USD/JPY could aspire to test the 104.35 handle, which aligns with the 76.4% fib retrac from the mentioned Dec-Jan fall.
On the flip side, topside failure to regain the top of the cloud could see sellers aiming back towards 102.50 support (38.2% fib retrac March 28-28 rise/kijun daily), potentially exploiting a void area of 30/40 pips in the process.