18 Feb 2015
USD/JPY extends decline to 118.50
FXStreet (San Francisco) - After a brief rebound from 118.50 to 118.75, the USD/JPY resumed its post-minutes downtrend and now the pair is testing the 118.50 area again.
Currently, USD/JPY is trading at 118.65, down -0.50% on the day, having posted a daily high at 119.43 and low at 118.55. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bearish.
USD/JPY sentiment
According to FXStreet chief analyst Valeria Bednarik, "from a technical perspective, the 1 hour chart shows that the price broke through its 100 and 200 SMAs, while indicators crossed their mid-lines to the downside, anticipating some further declines."
Below the 118.50, next supports are at 118.30, 118.00 and 117.10. To the upside, resistances are at 118.80, 119.10 and 119.40.
Currently, USD/JPY is trading at 118.65, down -0.50% on the day, having posted a daily high at 119.43 and low at 118.55. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is strongly bearish.
USD/JPY sentiment
According to FXStreet chief analyst Valeria Bednarik, "from a technical perspective, the 1 hour chart shows that the price broke through its 100 and 200 SMAs, while indicators crossed their mid-lines to the downside, anticipating some further declines."
Below the 118.50, next supports are at 118.30, 118.00 and 117.10. To the upside, resistances are at 118.80, 119.10 and 119.40.