8 Jul 2015
USD/JPY eyeing 120.50/70 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that a USD/JPY break below 121.20 targets 120.50/70, and below this targets 120.00.
Key Quotes
“Technically the 1 hour chart shows that the technical indicators are losing their bearish strength in extreme oversold levels, whilst the price has extended further below its 100 and 200 SMAs, both in the 122.50/70 region.”
“In the 4 hours chart, the technical indicators maintain their strong bearish momentum, whilst the distance in between the 100 and 200 SMAs keeps widening, all of which supports the shorter term view.”
“A downward acceleration below 121.20 should see the pair accelerating towards the 120.50/70 region, whilst below this last, a test of 120.00 seems possible. The upside will remain limited as long as the pair is unable to recoup the 122.00 level.”
“Support levels: 121.20 120.60 120.10”
“Resistance levels: 121.70 122.00 122.45”
Key Quotes
“Technically the 1 hour chart shows that the technical indicators are losing their bearish strength in extreme oversold levels, whilst the price has extended further below its 100 and 200 SMAs, both in the 122.50/70 region.”
“In the 4 hours chart, the technical indicators maintain their strong bearish momentum, whilst the distance in between the 100 and 200 SMAs keeps widening, all of which supports the shorter term view.”
“A downward acceleration below 121.20 should see the pair accelerating towards the 120.50/70 region, whilst below this last, a test of 120.00 seems possible. The upside will remain limited as long as the pair is unable to recoup the 122.00 level.”
“Support levels: 121.20 120.60 120.10”
“Resistance levels: 121.70 122.00 122.45”