1 Dec 2014
117.95 level immediate short term support for USD/JPY – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that the 1 hour charts shows indicators rapidly heading below their midlines for the USD/JPY pair and sees117.95 level as immediate short term support.
Key Quotes
“Moody’s rating agency downgraded Japanese sovereign debt early European session, initially triggering dollar gains against the yen and sending the pair to a fresh 7-year high of 119.14.”
“But the USD/JPY quickly reversed course as the speculators believe Moody’s action will limit BOJ QE in the future: the pair sunk to 118.07 trading a few pips above it and with the 1 hour chart showing indicators heading strongly south below their midlines, and price approaching 100 and 200 SMAs, both together around 117.95 offering immediate short term support.”
“In the 4 hours chart RSI heads lower around 72, while momentum also stands in positive territory, as price is far from these last days’ bottom of 117.20.”
Key Quotes
“Moody’s rating agency downgraded Japanese sovereign debt early European session, initially triggering dollar gains against the yen and sending the pair to a fresh 7-year high of 119.14.”
“But the USD/JPY quickly reversed course as the speculators believe Moody’s action will limit BOJ QE in the future: the pair sunk to 118.07 trading a few pips above it and with the 1 hour chart showing indicators heading strongly south below their midlines, and price approaching 100 and 200 SMAs, both together around 117.95 offering immediate short term support.”
“In the 4 hours chart RSI heads lower around 72, while momentum also stands in positive territory, as price is far from these last days’ bottom of 117.20.”