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USD/JPY correcting on 102.10 plateau

FXstreet.com (Chicago) – USD/JPY seems to be put under bearish pressure at Tokyo’s opening and stalls on corrective move above 102.10 ahead of Japanese data releases.

Perspective

According to Valeria Bednarik, FXstreet.com Chief Analyst, “102.18 is the high posted by USD/JPY so far, and the pair spent most of this American afternoon consolidating nearby. Earlier this Wednesday, the pair found support in its 100 SMA according to the hourly chart, currently offering dynamic support around 101.40; indicators in the same time frame turn slightly lower near extreme overbought readings, but the 4 hours chart shows indicators heading strongly up, suggesting …read more