6 Apr 2015
USD/JPY favours the downside in the short-term – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, explains that USD/JPY favours the downside in the short-term, expecting a break below 118.65 to lead to further losses towards 118.20/30 levels.
Key Quotes
“The USD/JPY pair posted a daily high of 119.16 early in the Asian session, but is having a hard time to hold above the 119.00 level, struggling around it for most of the European opening.”
“Short term, the 1 hour chart shows that the Momentum indicator is losing upward strength above the 100 level, although the RSI indicator has turned lower around 37 after correcting extreme oversold readings, whilst the price stands well below its 100 and 200 SMAs, all of which favors a downward continuation.”
“In the 4 hours chart, the technical indicators have also turned south after partially correcting oversold readings, supporting the shorter term view.”
“Friday's low around 118.65 is the immediate support level to follow, with a break below it triggering a downward continuation towards the 118.20/30 price zone, particularly if US stocks came under selling pressure.”
“Support levels: 118.65 118.30 117.90”
“Resistance levels: 119.10 119.50 120.00”
Key Quotes
“The USD/JPY pair posted a daily high of 119.16 early in the Asian session, but is having a hard time to hold above the 119.00 level, struggling around it for most of the European opening.”
“Short term, the 1 hour chart shows that the Momentum indicator is losing upward strength above the 100 level, although the RSI indicator has turned lower around 37 after correcting extreme oversold readings, whilst the price stands well below its 100 and 200 SMAs, all of which favors a downward continuation.”
“In the 4 hours chart, the technical indicators have also turned south after partially correcting oversold readings, supporting the shorter term view.”
“Friday's low around 118.65 is the immediate support level to follow, with a break below it triggering a downward continuation towards the 118.20/30 price zone, particularly if US stocks came under selling pressure.”
“Support levels: 118.65 118.30 117.90”
“Resistance levels: 119.10 119.50 120.00”