24 Jun 2014
USD/JPY presenting a bearish tone in the short term - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that the comments made by BoE governor mark Carney before the Treasury Select Committee today, suggesting that rates may not need to be hiked as soon as he predicted a couple weeks ago, pushed the GBP/USD to break below 1.7000 and extend down to a daily low of 1.6973 from where it’s currently bouncing.
Key quotes
"Technically, the 4 hours chart shows indicators turned bearish, crossing their midlines to the downside with a strong momentum, as price extended below its 20 SMA, but price quickly recovering the 1.7000 figure suggest bulls are still in control."
"The same chart also shows price held above the 23.6% retracement of its latest bullish run on this kneejerk: some follow through recent highs around 1.7040 is now required to confirm an upward extension, looking then for a break of recent highs towards 1.7100."
"Strong support stands at 1.6950 and dips down to the level should continue to the attract buyers. A break below it on the other hand, may see the downside extending to 1.6910/20 price zone in the short term."
"Strong support stands at 1.6950 and dips down to the level should continue to the attract buyers. A break below it on the other hand, may see the downside extending to 1.6910/20 price zone in the short term."
Key quotes
"Technically, the 4 hours chart shows indicators turned bearish, crossing their midlines to the downside with a strong momentum, as price extended below its 20 SMA, but price quickly recovering the 1.7000 figure suggest bulls are still in control."
"The same chart also shows price held above the 23.6% retracement of its latest bullish run on this kneejerk: some follow through recent highs around 1.7040 is now required to confirm an upward extension, looking then for a break of recent highs towards 1.7100."
"Strong support stands at 1.6950 and dips down to the level should continue to the attract buyers. A break below it on the other hand, may see the downside extending to 1.6910/20 price zone in the short term."
"Strong support stands at 1.6950 and dips down to the level should continue to the attract buyers. A break below it on the other hand, may see the downside extending to 1.6910/20 price zone in the short term."