17 Mar 2015
USD/JPY in need to reclaim 121.60 - FXStreet
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, USD/JPY needs to reclaim 121.60 price zone to be able to retest the multi-year high.
Key Quotes
"The USD/JPY pair has shown no signs of life at the beginning of the week, confined to a 40 pips range for the past 24 hours. Trading a few pips above its daily opening, the pair was trapped between dollar weakness and stocks strength, as the latest tends to have a negative effect in the Japanese currency."
"The 1 hour chart shows a mild bullish tone with the price holding above a flat 100 SMA and the Momentum indicator aiming higher above its mid-line, whilst the RSI stands flat around 54."
"In the 4 hours chart the technical indicators stand directionless around their mid-lines, maintaining a neutral stance. The pair needs to advance firmly above the 121.60 price zone to be able to retest the multi-year high posted last week at 122.02, with some steady gains above this last opening doors for a steadier advance up to the 125.00 level during the upcoming weeks."
Key Quotes
"The USD/JPY pair has shown no signs of life at the beginning of the week, confined to a 40 pips range for the past 24 hours. Trading a few pips above its daily opening, the pair was trapped between dollar weakness and stocks strength, as the latest tends to have a negative effect in the Japanese currency."
"The 1 hour chart shows a mild bullish tone with the price holding above a flat 100 SMA and the Momentum indicator aiming higher above its mid-line, whilst the RSI stands flat around 54."
"In the 4 hours chart the technical indicators stand directionless around their mid-lines, maintaining a neutral stance. The pair needs to advance firmly above the 121.60 price zone to be able to retest the multi-year high posted last week at 122.02, with some steady gains above this last opening doors for a steadier advance up to the 125.00 level during the upcoming weeks."