Back
11 May 2015
USD/JPY might extend to 120.45 – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, USD/JPY 4hourly technicals remain in favour of some gains towards 120.45, with any further gains possible only on a break above this.
Key Quotes
“The USD/JPY trades in a quite limited range around the 120.00 figure, having posted some limited advances during the Asian session, following Chinese decision to cut rates during the weekend.”
“In the short term, the 1 hour chart shows that the price advanced above its 100 and 200 SMAs, whilst the technical indicators stand in positive territory, albeit showing no upward strength.”
“In the 4 hours chart, the Momentum indicator heads strongly north above the 100 level, whist the RSI indicator also aims higher around 55, all of which favors some additional advances, up to 120.45. Nevertheless, the pair needs to extend above this last to extend its advance, as the pair has faltered above the 120.00 level several times over this last month.”
“Support levels: 119.55 119.20 118.90”
“Resistance levels: 120.05 120.45 120.80”
Key Quotes
“The USD/JPY trades in a quite limited range around the 120.00 figure, having posted some limited advances during the Asian session, following Chinese decision to cut rates during the weekend.”
“In the short term, the 1 hour chart shows that the price advanced above its 100 and 200 SMAs, whilst the technical indicators stand in positive territory, albeit showing no upward strength.”
“In the 4 hours chart, the Momentum indicator heads strongly north above the 100 level, whist the RSI indicator also aims higher around 55, all of which favors some additional advances, up to 120.45. Nevertheless, the pair needs to extend above this last to extend its advance, as the pair has faltered above the 120.00 level several times over this last month.”
“Support levels: 119.55 119.20 118.90”
“Resistance levels: 120.05 120.45 120.80”