18 Feb 2015
USD/JPY finds sellers at 119.40; back to 119.20
FXStreet (San Francisco) - After rallying around 70 pips from 118.70 in the American session, the USD/JPY found selling interest at 119.40 that sent the pair back to trade at 119.20.
Currently, USD/JPY is trading at 119.22, down -0.02% on the day, having posted a daily high at 119.33 and low at 119.22. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY Sentiment
Acording to FXStreet chief analyst Valeria Bednarik, "the short term technical picture favors the upside, as the 1 hour chart shows that the price accelerated south above its 100 and 200 SMAs, with the shortest now offering the immediate dynamic intraday support at 119.05."
If the pair holds above 119.20 and resumes its uptrend, it will find resistances at 11940, 119.90 and 120.00. To the downside, supports are at 119.20, 118.70 and 118.40.
Currently, USD/JPY is trading at 119.22, down -0.02% on the day, having posted a daily high at 119.33 and low at 119.22. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY Sentiment
Acording to FXStreet chief analyst Valeria Bednarik, "the short term technical picture favors the upside, as the 1 hour chart shows that the price accelerated south above its 100 and 200 SMAs, with the shortest now offering the immediate dynamic intraday support at 119.05."
If the pair holds above 119.20 and resumes its uptrend, it will find resistances at 11940, 119.90 and 120.00. To the downside, supports are at 119.20, 118.70 and 118.40.