16 Feb 2015
USD/JPY into Eurogroup meeting, is 116.44 near? – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, shares the probable moves by USD/JPY into the Eurogroup meeting outcome.
Key Quotes
“The pair has formed a Head and Shoulder pattern on the hourly chart with the neckline support at 118.44 levels.”
“A break below 118.44 opens doors for a HOS breakout target of 116.44 levels. However, the immediate losses are likely to be capped at 118.00 levels.”
“On the other hand, the immediate upside appears restricted around 119.20 levels.”
“Given that the Yen is sensitive to overall market sentiment, risk aversion post Eurogroup’s failure to reach a debt deal may push the USD/JPY down to the HOS target of 116.44.”
“On the flip side, a positive outcome from the Eurogroup meeting, could see the pair rise to 119.20 levels.”
“Moreover, the pair has found support once again at the 118.42 (61.8% retracement of 117.16-120.46).”
“However, the hourly RSI is bearish at 42.55 levels, while the pair also trades below hourly 200-MA at 118.59. Hence, the pair may break below 118.42 and test 117.94 levels ahead of the Eurogroup meeting.”
Key Quotes
“The pair has formed a Head and Shoulder pattern on the hourly chart with the neckline support at 118.44 levels.”
“A break below 118.44 opens doors for a HOS breakout target of 116.44 levels. However, the immediate losses are likely to be capped at 118.00 levels.”
“On the other hand, the immediate upside appears restricted around 119.20 levels.”
“Given that the Yen is sensitive to overall market sentiment, risk aversion post Eurogroup’s failure to reach a debt deal may push the USD/JPY down to the HOS target of 116.44.”
“On the flip side, a positive outcome from the Eurogroup meeting, could see the pair rise to 119.20 levels.”
“Moreover, the pair has found support once again at the 118.42 (61.8% retracement of 117.16-120.46).”
“However, the hourly RSI is bearish at 42.55 levels, while the pair also trades below hourly 200-MA at 118.59. Hence, the pair may break below 118.42 and test 117.94 levels ahead of the Eurogroup meeting.”