8 Dec 2014
USD/JPY extends its decline below the 121.00 level – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, notes that USD/JPY extends its decline below 121 level after touching 121.84 level, dragged down by the falling Nikkei.
Key Quotes
“The USD/JPY extends its decline below the 121.00 level, having been as high as 121.84 early Asian opening. Japanese economy contracted more than expected in the third quarter printing -1.9%, and weighting on local stocks: the Nikkei erased all of Friday’s gains, dragging USD/JPY pair with it.”
“Technically, the 1 hour chart shows indicators heading strongly south below their midlines, with 100 SMA still way below current level, around 120.00.”
“In the 4 hours chart momentum heads lower but remains above 100, while RSI reentered from overbought levels and holds now around 60. If US stocks trade in the red today, the pair may continue falling down to the mentioned 120.00 figure.”
Key Quotes
“The USD/JPY extends its decline below the 121.00 level, having been as high as 121.84 early Asian opening. Japanese economy contracted more than expected in the third quarter printing -1.9%, and weighting on local stocks: the Nikkei erased all of Friday’s gains, dragging USD/JPY pair with it.”
“Technically, the 1 hour chart shows indicators heading strongly south below their midlines, with 100 SMA still way below current level, around 120.00.”
“In the 4 hours chart momentum heads lower but remains above 100, while RSI reentered from overbought levels and holds now around 60. If US stocks trade in the red today, the pair may continue falling down to the mentioned 120.00 figure.”