25 Mar 2015
USD/JPY: Dailies and weeklies suggest lower prices - FXCharts
FXStreet (Bali) - While the dailies and weeklies suggest lower prices as a possibility, the 4 hour charts look mildly positive, notes Jim Langlands, Founder at FXCharts.
Key Quotes
"The dailies and weeklies do suggest that lower levels may lie ahead, although the 4 hour charts actually look mildly positive now, so we could see a return to 120.00 as the dollar looks to move back into the channel."
"Beyond there would find resistance at 120.13 (daily Kijun), above which, albeit somewhat doubtful at this stage unless the Durable Goods Orders are very strong, would see another choppy run towards 120.60 (minor) and then on towards 121.00."
"To the downside, the weekly Tenkan at 119.40 will provide some support ahead of today’s new minor trend low at 119.22. Under here would see strong support at 119.00 (Fibo support at 119.02 (61.8% of 115.85/122.02) and 118.90 (50% of 117.16/122.02))."
Key Quotes
"The dailies and weeklies do suggest that lower levels may lie ahead, although the 4 hour charts actually look mildly positive now, so we could see a return to 120.00 as the dollar looks to move back into the channel."
"Beyond there would find resistance at 120.13 (daily Kijun), above which, albeit somewhat doubtful at this stage unless the Durable Goods Orders are very strong, would see another choppy run towards 120.60 (minor) and then on towards 121.00."
"To the downside, the weekly Tenkan at 119.40 will provide some support ahead of today’s new minor trend low at 119.22. Under here would see strong support at 119.00 (Fibo support at 119.02 (61.8% of 115.85/122.02) and 118.90 (50% of 117.16/122.02))."