USDJPY traders are uncertain about the next direction
101.00 is becoming pivotal for USDJPY. We finally got a break during the Asia session but it didn't last and like most of trading yesterday, lacked conviction.
The highs around 101.24 were sold and then resistance stepped down to 101.10 and 101.00.
USDJPY 15m chart
The market can be forgiven for taking its foot off the gas after such a big week and so the lines have been drawn fairly tightly in this pair. The highs are the first point followed by 101.50 and 101.70/75. We then face the underside of a broken support line at 101.90, before looking at 102.00.
Immediate support is around 100.70/75 and 100.50, then 100.20. The 100.70 level looks like it might be a key level for longs off the bottom, so if it goes, it could mean a swift fall.
