9 Mar 2015
USD/JPY struggling around the key 121.00 level – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, gives the technical setup for USD/JPY, explaining that the price is seen consolidating near the highs, struggling near the key 121.00 level.
Key Quotes
“The USD/JPY struggles around the 121.00 level, unable to extend its advance beyond the critical figures, as US 10Y yields are correcting lower this Monday, after peaking this year last Friday around 2.25%, on better than expected US jobs data.”
“The short term technical picture for the pair shows that the price consolidates near the highs and well above its moving averages in the 1 hour chart, whilst indicators are turning lower in positive territory.”
“In the 4 hours chart the technical indicators continue to aim lower well above their midlines, having already corrected the extreme overbought conditions reached last Friday."
“Support levels: 120.60 120.20 119.85”
“Resistance levels: 121.10 121.50 121.85”
Key Quotes
“The USD/JPY struggles around the 121.00 level, unable to extend its advance beyond the critical figures, as US 10Y yields are correcting lower this Monday, after peaking this year last Friday around 2.25%, on better than expected US jobs data.”
“The short term technical picture for the pair shows that the price consolidates near the highs and well above its moving averages in the 1 hour chart, whilst indicators are turning lower in positive territory.”
“In the 4 hours chart the technical indicators continue to aim lower well above their midlines, having already corrected the extreme overbought conditions reached last Friday."
“Support levels: 120.60 120.20 119.85”
“Resistance levels: 121.10 121.50 121.85”