6 Aug 2015
USD/JPY finally making it through static ceiling in US - FXStreet
FXStreet (Barcelona) - Noting the price action in the US session, Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY finally triggered stops above the 124.45 strong static resistance level.
Key Quotes:
"…and advanced to a fresh 2-month high of 125.00 before retreating some, holding anyway well into the green by the end of the day."
"Having been consolidating below the mentioned 124.45 for most of the first two sessions of the day, the pair fell down to 124.01 after the release of poor US data, from where the pair bounced sharply higher and extended to the mentioned daily high."
"The 1 hour chart shows that the price remains well above its 100 and 20 SMAs, whilst the technical indicators are resuming their advances after correcting overbought readings, pointing for a continued advance."
"In the 4 hours chart, the Momentum indicator has turned lower, but holds above its 100 level, whilst the RSI indicator corrects overbought readings, heading lower around 65, supporting a short term corrective movement, but far from suggesting a stronger bearish move. Should the price accelerate beyond 125.00, the logical target comes at 125.85, the year high posted last June."
Key Quotes:
"…and advanced to a fresh 2-month high of 125.00 before retreating some, holding anyway well into the green by the end of the day."
"Having been consolidating below the mentioned 124.45 for most of the first two sessions of the day, the pair fell down to 124.01 after the release of poor US data, from where the pair bounced sharply higher and extended to the mentioned daily high."
"The 1 hour chart shows that the price remains well above its 100 and 20 SMAs, whilst the technical indicators are resuming their advances after correcting overbought readings, pointing for a continued advance."
"In the 4 hours chart, the Momentum indicator has turned lower, but holds above its 100 level, whilst the RSI indicator corrects overbought readings, heading lower around 65, supporting a short term corrective movement, but far from suggesting a stronger bearish move. Should the price accelerate beyond 125.00, the logical target comes at 125.85, the year high posted last June."