11 Feb 2015
USD/JPY to see a correction towards 119.20 – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that USD/JPY might see a minor correction towards 119.20, and fresh buying interest around the same levels might push the pair towards 120.00 levels.
Key Quotes
“The USD/JPY pair finished the previous session higher at 119.39 after having breached the symmetrical triangle pattern on the daily charts. The upside breakout pushed the daily RSI well above 50.000 levels.”
“Meanwhile, the hourly chart shows, bearish Price-RSI divergence, with the RSI inching lower from the overbought zone. Thus, the pair is likely to see a minor correction to 119.20 levels.”
“However, the pair could see fresh buying interest if it manages to hold above 119.20 levels. In such a case, it could rise to 120.00 levels.”
“On the other hand, a break below 119.20 may push the pair down to hourly 50-SMA located at 118.90 levels.”
Key Quotes
“The USD/JPY pair finished the previous session higher at 119.39 after having breached the symmetrical triangle pattern on the daily charts. The upside breakout pushed the daily RSI well above 50.000 levels.”
“Meanwhile, the hourly chart shows, bearish Price-RSI divergence, with the RSI inching lower from the overbought zone. Thus, the pair is likely to see a minor correction to 119.20 levels.”
“However, the pair could see fresh buying interest if it manages to hold above 119.20 levels. In such a case, it could rise to 120.00 levels.”
“On the other hand, a break below 119.20 may push the pair down to hourly 50-SMA located at 118.90 levels.”