Forex forecast

USD/JPY Current price: 101.69

09.04.2014 11:11:13

Yen came back was particularly strong against the greenback, with the pair down to 101.54 posting the largest one day lose of the year. Despite the long run, the hourly chart shows momentum maintaining a strong bearish tone and CCI above -200, neither suggesting extreme oversold levels at the time being. In the 4 hours chart the technical picture is also strongly bearish, with 101.20/30 area as next strong support and probable bearish target if the Nikkei bleeds again. A break below this last exposes 100.60/80 area in the short term, in route to 100.00 critical figure.

Support levels: 101.25 100.80 100.35

Resistance levels: 102.20 102.60 103.00