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4 Mar 2014
USD/JPY trades above 101.50, bid tone in Asia
FXStreet (Bali) - USD/JPY has been trading on a better tone this Tuesday in Asia, with the rate reaching a session high of 101.68 following a low of 101.19 on Monday.
Nikkei 225, AUD/JPY underpin
According to market sources, there were plenty of reports earlier on Monday pointing to strong bids around 101.30/35 area, with the short-covering in AUD/JPY helping the ongoing retracement in USD/JPY. The Nikkei 225, up 0.23% at the lunch break, has also underpinned the pair.
USD/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXStreet, notes: "Technically, latest recovery helped indicators corrected oversold readings that are now turning flat around their midlines, showing the decrease in buying interest, while moving averages stand well above current price. In the 4 hours chart, current upward movement also seems just corrective, as only a recovery above 101.60 area will limit chances of further falls."
Nikkei 225, AUD/JPY underpin
According to market sources, there were plenty of reports earlier on Monday pointing to strong bids around 101.30/35 area, with the short-covering in AUD/JPY helping the ongoing retracement in USD/JPY. The Nikkei 225, up 0.23% at the lunch break, has also underpinned the pair.
USD/JPY technicals
According to Valeria Bednarik, Chief Analyst at FXStreet, notes: "Technically, latest recovery helped indicators corrected oversold readings that are now turning flat around their midlines, showing the decrease in buying interest, while moving averages stand well above current price. In the 4 hours chart, current upward movement also seems just corrective, as only a recovery above 101.60 area will limit chances of further falls."