8 Jul 2015
USD/JPY sees downside risks towards 119.20 – Scotiabank
FXStreet (Barcelona) - USD/JPY short-term technicals remain bearish and a move towards 119.20 remains favoured, according to Eric Theoret, CFA, CMT, Currency Strategist at Scotiabank.
Key Quotes
“USDJPY short-term technicals: bearish—a decisive break below the 50 day MA (122.28) and test of anticipated support at 121.50 has shifted the focus to further downside risk. We look to the 100 day MA near 121.00 and consider the potential for a decline down to 119.20.”
“Momentum indicators hint to acceleration, the RSI at 39 provides ample space for further downside, and continue to expect resistance at the 9 day MA (122.74).”
Key Quotes
“USDJPY short-term technicals: bearish—a decisive break below the 50 day MA (122.28) and test of anticipated support at 121.50 has shifted the focus to further downside risk. We look to the 100 day MA near 121.00 and consider the potential for a decline down to 119.20.”
“Momentum indicators hint to acceleration, the RSI at 39 provides ample space for further downside, and continue to expect resistance at the 9 day MA (122.74).”