5 Mar 2015
USD/JPY pressuring 120.00 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, gives the technical outlook for USD/JPY, expecting the pair to remain in consolidation mode ahead of tomorrow’s US employment figures.
Key Quotes
“The USD/JPY pair reached a daily high of 120.39 before the news, reversing its intraday gains and now pressuring the 120.00 figure.”
“The 1 hour chart shows that indicators turned lower from overbought levels, but that the price remains well above its 100 and 200 SMAs.”
“The price also stands above a daily descendant trend line coming from the multi-year high reached last year at 121.84, now offering support around 119.90”
“In the 4 hours chart, the technical indicators lost upward potential above their mid-lines, not giving too much clues on what's next on the pair.”
“The most likely scenario is some consolidation around the current levels, ahead of Friday's US employment figures.”
“Support levels: 119.90 119.40 119.10”
“Resistance levels: 120.45 120.90 121.35”
Key Quotes
“The USD/JPY pair reached a daily high of 120.39 before the news, reversing its intraday gains and now pressuring the 120.00 figure.”
“The 1 hour chart shows that indicators turned lower from overbought levels, but that the price remains well above its 100 and 200 SMAs.”
“The price also stands above a daily descendant trend line coming from the multi-year high reached last year at 121.84, now offering support around 119.90”
“In the 4 hours chart, the technical indicators lost upward potential above their mid-lines, not giving too much clues on what's next on the pair.”
“The most likely scenario is some consolidation around the current levels, ahead of Friday's US employment figures.”
“Support levels: 119.90 119.40 119.10”
“Resistance levels: 120.45 120.90 121.35”