29 Jan 2015
USD/JPY may retest 117.18 levels – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Omkar Godbole, the USD/JPY pair might retest 117.18 levels today with technicals supporting the bearish view.
Key Quotes
“The USD/JPY pair finished lower at 117.46, after facing to sustain gains above the 5-DMA and the 10-DMA levels. The pair has a hard time today, as it faced rejection at 118.00 levels to trade below the 5-DMA and 10-DMA located at 117.85 and 117.95 levels.”
“Moreover, the averages have formed a bearish crossover, indicating room for more downside in the pair.”
“Both, the daily and the hourly RSI are bearish. Thus, the pair is more likely to test 117.18 levels today. The pair has also dipped below the 38.2% retracement located at 117.71 levels. The losses could be extended further if the pair manages to break the support at 117.18 levels.”
“On the other hand, a break above 118.00 levels may see some buying interest. However, immediate gains are likely to be capped around 118.50-118.70 area.”
Key Quotes
“The USD/JPY pair finished lower at 117.46, after facing to sustain gains above the 5-DMA and the 10-DMA levels. The pair has a hard time today, as it faced rejection at 118.00 levels to trade below the 5-DMA and 10-DMA located at 117.85 and 117.95 levels.”
“Moreover, the averages have formed a bearish crossover, indicating room for more downside in the pair.”
“Both, the daily and the hourly RSI are bearish. Thus, the pair is more likely to test 117.18 levels today. The pair has also dipped below the 38.2% retracement located at 117.71 levels. The losses could be extended further if the pair manages to break the support at 117.18 levels.”
“On the other hand, a break above 118.00 levels may see some buying interest. However, immediate gains are likely to be capped around 118.50-118.70 area.”