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USD/JPY Near Combined Support Levels

June 16, 2013 12:17 am GMT+0  in Chart Alert

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USD/JPY weakened further and touched 93.79 during last week. The strong falls bring the bearish outlook but such a consolidation is quite natural after a long uptrend when the pair broke above the strong psychological level of 100.00 and had gone as high as 103.73. Considering this the consolidation has not even completed 38.2% retracement of the upward gains.

USD/JPY and two supports

The 38.2% retracement is at 93.56 and the pair is approaching that support.

USD/JPY and 38.2% retracement

USDJPY Near the first retracement level

Not only this but the currency pair has been above 200-day moving average support since the last week of October 2012. The current 200-day moving average is at 93.46 i.e. just 10 pips below the above mentioned 38.2% support.

USD/JPY and 200-day moving average

USD/JPY near 200 day moving average support

Considering these we can safely say that the current price action is approaching a strong support zone and needs to be watched carefully.

You may also like to see the outlook and forecast of USD/JPY updated weekly.

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