4 May 2015
USD/JPY: Bearish SMA indicators - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained the technical conditions surrounding the Yen.
"The USD/JPY pair surged above the 120.00 figure on Friday, backed by falling treasuries and rising stocks."
"The tepid US data was unable to affect the pair that closed the day a few pips below its high established at 120.28."
"Technically, the bullish tone prevails as the pair has finally advanced above its 100 SMA after struggling below it for most of the last week."
"In the 4 hours chart the Momentum indicator heads sharply higher, despite being in extreme overbought levels, whilst the RSI is losing its upward potential around 67, limiting the possibility of another leg higher."
"In the same chart, the price stands well above its moving averages, albeit the 100 SMA stands below the 200 SMA, and both maintain a mild bearish slope, indicating that the downside is still favored in the longer term."
"The USD/JPY pair surged above the 120.00 figure on Friday, backed by falling treasuries and rising stocks."
"The tepid US data was unable to affect the pair that closed the day a few pips below its high established at 120.28."
"Technically, the bullish tone prevails as the pair has finally advanced above its 100 SMA after struggling below it for most of the last week."
"In the 4 hours chart the Momentum indicator heads sharply higher, despite being in extreme overbought levels, whilst the RSI is losing its upward potential around 67, limiting the possibility of another leg higher."
"In the same chart, the price stands well above its moving averages, albeit the 100 SMA stands below the 200 SMA, and both maintain a mild bearish slope, indicating that the downside is still favored in the longer term."