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Forex: USD/JPY loses support at 83.50

By FXstreet.com,  February 17, 2011, 07:16:00 PM EDT

FXstreet.com (Barcelona) - Current price sits at 83.30. Risk of conflagration in the Middle East continues to be one of the market drivers these days, and early US risk aversion finally sent the cross below 83.50 static support area, setting a new low at 83.16 and bringing back a bearish perspective for USD/JPY.

Valeria Bednarik, Chief Analyst at FXstreet.com said: "Consolidating near daily lows, also favored by comodities strength, technical indicators in both 1 and 4 hours chart are heading south blow their midlines, while price develops below 20 SMA. In the 4 hours one, the moving average has lost previous bullish tone, and turned flat, suggesting a continuation rally towards magnetic 82.50 zone".

Support levels: 83.20 82.80 82.50, Resistance levels: 83.50 83.80 84.00




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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