Forex: USD/JPY eases off highs to 102.40/42

FXstreet.com (Barcelona) - The USD/JPY rise was capped Wednesday following a movement up to the heights of 102.63 (resistance/session highs). The pair ultimately proved unstable at this mark, instead easing in recent minutes back to 102.40/42, where it resides presently. Despite the easing movement, the cross remains in positive territory, albeit at a marginal +0.01% advance during European trading.

Briefing the technicals, the USD/JPY will find resistance at 102.60, then 103.10, and finally 103.77. On the decline, a movement below 101.43 will trigger supportive structures at 100.76 ahead of 100.26.

According to the ICN.com Technical Analyst Team, “The USD/JPY moved to the upside yesterday, failing our expectations of a downside correction before extending the bullish move, as the upside move support further upside movement to test key resistance of the ascending channel at 103.05-10. Trading above 101.70 supports this outlook.”