19 Feb 2015
USD/JPY hovers around 119.00
FXStreet (Córdoba) - USD/JPY entered a consolidation phase during the American session amid mixed US economic data and after failing to regain the 119.00 mark.
USD/JPY reached a high of 119.17 at the beginning of the American session but the greenback gave up some ground, falling to a session low of 118.78 before finding support. The pair has spent the last hours in a tight range, currently trading at 118.95, still % above its opening price.
USD/JPY technical perspective
“In the 4 hours chart the bias is neutral, as the technical indicators are hovering around their mid-lines. The lower highs daily basis suggest the pair can resume its decline, particularly with a break below 118.25, the area that has been attracting buying interest ever since breaking above it during the last Feb 6”, said Valeria Bednarik, chief analyst at FXStreet. “Above 119.40 on the other hand, the pair has scope to retest the 120.00 figure and even beyond, towards the 120.40 price zone”.
USD/JPY reached a high of 119.17 at the beginning of the American session but the greenback gave up some ground, falling to a session low of 118.78 before finding support. The pair has spent the last hours in a tight range, currently trading at 118.95, still % above its opening price.
USD/JPY technical perspective
“In the 4 hours chart the bias is neutral, as the technical indicators are hovering around their mid-lines. The lower highs daily basis suggest the pair can resume its decline, particularly with a break below 118.25, the area that has been attracting buying interest ever since breaking above it during the last Feb 6”, said Valeria Bednarik, chief analyst at FXStreet. “Above 119.40 on the other hand, the pair has scope to retest the 120.00 figure and even beyond, towards the 120.40 price zone”.