FXstreet.com (London) - Nikkei has extended its opening losses today currently trading down over 140 bps on the session. The Japanese stock market has been hit by a change in risk sentiment as reporting season gets into full swing.
USD/JPY is currently trading at 90.76, down off the open. Yen has traded the previous session technically on USD movements, Greenback of course favoured by risk aversion climate right now. This session pair will likely trade fairly soft, range bound between 90.95 and 90.70.
For key support and resistance levels Valeria Bednarik, collaborator at FXstreet.com, guides us: Consolidating in range, pair has bottomed again at the daily 100SMA around 90.50, that has been acting as a downside barrier most of past week; lightly bullish in the hourly chart, pair is still under moving averages with a slightly bearish bias, so we need to the see the pair at least above 91.20, to see some upside strength in the pair. 4 hours charts are barely supportive of the bias, as pair has been mostly range bound past sessions.