24 Feb 2015
USD/JPY technicals bullish – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that technicals suggest the outlook for USD/JPY remains bullish, supporting some additional advances.
Key Quotes
“With worldwide stocks at record highs, the USD/JPY broke higher and trades near a fresh 2-week high set at 119.58.”
“The 1 hour chart shows that the price advanced well above its moving averages, with the 100 SMA crossing above the 200 one, and the technical indicators maintaining their bullish slopes, despite being in overbought territory.”
“In the 4 hours chart however, the technical readings are biased higher well into positive territory, which supports some additional advances as long as buyers surge on approaches to the 119.30/40 price zone.”
“Support levels: 119.40 119.00 118.60”
“Resistance levels: 119.85 120.20 120.55”
Key Quotes
“With worldwide stocks at record highs, the USD/JPY broke higher and trades near a fresh 2-week high set at 119.58.”
“The 1 hour chart shows that the price advanced well above its moving averages, with the 100 SMA crossing above the 200 one, and the technical indicators maintaining their bullish slopes, despite being in overbought territory.”
“In the 4 hours chart however, the technical readings are biased higher well into positive territory, which supports some additional advances as long as buyers surge on approaches to the 119.30/40 price zone.”
“Support levels: 119.40 119.00 118.60”
“Resistance levels: 119.85 120.20 120.55”