11 Aug 2015
USD/JPY: buyers on dips until 124.00 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY advanced during the past Asian session, with the Japanese yen easing on a strong advance in the Nikkei 225, and worse-than-expected local consumer confidence in July, down to 40.3 from the previous 41.7.
Key Quotes:
"The JPY maintained its negative tone as the US yields rose nearly 3% in the day, with the 10 year note reaching 2.24%, with the pair spending most of the American session consolidating around 124.60."
"The 1 hour chart shows that, after posting a daily high of 124.78, the pair retreated towards the strong static support around 124.45, from where it finally bounced, hovering now around a mild bullish 100 SMA, and with the technical indicators posting mild tepid advances after correcting overbought readings."
"In the 4 hours chart, however, the technical indicators lack directional strength around their mid-lines, although the price holds above its moving averages. Sellers are waiting in the 125.00 region, and it will take a steady advance beyond it to confirm additional gains towards 125.85, the year high, with buyers waiting on dips towards the 124.00 figure."
Key Quotes:
"The JPY maintained its negative tone as the US yields rose nearly 3% in the day, with the 10 year note reaching 2.24%, with the pair spending most of the American session consolidating around 124.60."
"The 1 hour chart shows that, after posting a daily high of 124.78, the pair retreated towards the strong static support around 124.45, from where it finally bounced, hovering now around a mild bullish 100 SMA, and with the technical indicators posting mild tepid advances after correcting overbought readings."
"In the 4 hours chart, however, the technical indicators lack directional strength around their mid-lines, although the price holds above its moving averages. Sellers are waiting in the 125.00 region, and it will take a steady advance beyond it to confirm additional gains towards 125.85, the year high, with buyers waiting on dips towards the 124.00 figure."