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5 Jun 2013
Flash: USD/JPY faces bearish outlook as upside limited – UBS
FXstreet.com (Barcelona) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's majors and outline the technical positions.
Beginning with the USD/JPY, any upside will be limited in time and extent, as the broader focus is for a break below support at 97.31, extending weakness to 95.79. Resistance is at 100.73 and 101.31, suggesting a bearish outlook.
As for the GBP/USD, “The recent advance found resistance at 1.5378. A closing break above which would be positive, signaling scope for a move to 1.5606. Support is at 1.5169 ahead of 1.5009, suggesting a neutral near-term outlook.” Finally, regarding the USD/CHF, despite the recent weakness, the MACD is still above its zero line, reflecting a bull trend. There is strong support at 0.9334. Resistance is at 0.9573 ahead of 0.9675.
Beginning with the USD/JPY, any upside will be limited in time and extent, as the broader focus is for a break below support at 97.31, extending weakness to 95.79. Resistance is at 100.73 and 101.31, suggesting a bearish outlook.
As for the GBP/USD, “The recent advance found resistance at 1.5378. A closing break above which would be positive, signaling scope for a move to 1.5606. Support is at 1.5169 ahead of 1.5009, suggesting a neutral near-term outlook.” Finally, regarding the USD/CHF, despite the recent weakness, the MACD is still above its zero line, reflecting a bull trend. There is strong support at 0.9334. Resistance is at 0.9573 ahead of 0.9675.