18 Feb 2015
USD/JPY further declines below 118.80 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook and key levels for USD/JPY.
Key Quotes
“The USD/JPY advanced up to 119.40 during the Asian session, as the BOJ diminished chances of local QE tapering, although the Yen regains some ground following disappointing US PPI and housing data just released.”
“The 1 hour chart shows a short term double roof set at the mentioned high, with the neckline and breaking point at 118.80, while the price holds above 100 and 200 SMAs and the technical indicators turn lower above their midlines.”
“In the 4 hours chart indicators have also turned south but remain above their midlines, which means further declines will depend on the ability of the pair to break again below the mentioned 118.80 support level.”
“Support levels: 118.80 118.30 117.90”
“Resistance levels: 119.40 119.85 120.20”
Key Quotes
“The USD/JPY advanced up to 119.40 during the Asian session, as the BOJ diminished chances of local QE tapering, although the Yen regains some ground following disappointing US PPI and housing data just released.”
“The 1 hour chart shows a short term double roof set at the mentioned high, with the neckline and breaking point at 118.80, while the price holds above 100 and 200 SMAs and the technical indicators turn lower above their midlines.”
“In the 4 hours chart indicators have also turned south but remain above their midlines, which means further declines will depend on the ability of the pair to break again below the mentioned 118.80 support level.”
“Support levels: 118.80 118.30 117.90”
“Resistance levels: 119.40 119.85 120.20”