USD/JPY: A Little Oversold

www.investing.com/analysis/snb-switzerland/grains-us-corn-falls-as-planting-picks-up,-demand-eases-212783

By Carol Harmer | May 14, 2014 06:19AM ET

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USD/JPY

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USD/JPY only managed to get to 102.37 before downward pressure prevailed. Short term we are looking a little oversold. We have support at the 101.85 area and again under here at 101.40/32. Given that we are oversold, we would expect this support to hold—at least for the first attempt.

But at these lower levels, hold longs. We are only looking to reverse on a break below the 200 day M/A which is located in the 101.15 area. Therefore, we need to place stops below here. Not that this is really important support and if we lose this on a close basis, the market is going to hang from slightly more bullish to bearish. Which means you need to be careful of longs in this area and be quick to change direction if this important support is lost.

We know that we have resistance to 102.49/55, so we are selling into any short term strength to these higher levels, keeping stops above 102.75.

USD/JPY Technicals

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USD/JPY: A Little Oversold

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