19 May 2015
USD/JPY demand rejected ahead of key resistance - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted USD/JPY's technical conditions.
Key Quotes:
"Technically, the 1 hour chart shows that the price is back above its 100 and 200 SMAs, but the shortest remains below the largest, which keeps the risk towards the downside."
"The technical indicators have lost their upward potential, but remain above their mid-lines, whilst the 4 hours chart shows that the technical indicators maintain their positive slopes well above their mid-lines."
"The pair has been trading for over two months already in quite a limited range around the current 120.00 level, with sellers taking their chances on spikes above the figure, which means some steady advances beyond the 120.45 level is required to confirm an upward continuation towards the 121.00 region."
Key Quotes:
"Technically, the 1 hour chart shows that the price is back above its 100 and 200 SMAs, but the shortest remains below the largest, which keeps the risk towards the downside."
"The technical indicators have lost their upward potential, but remain above their mid-lines, whilst the 4 hours chart shows that the technical indicators maintain their positive slopes well above their mid-lines."
"The pair has been trading for over two months already in quite a limited range around the current 120.00 level, with sellers taking their chances on spikes above the figure, which means some steady advances beyond the 120.45 level is required to confirm an upward continuation towards the 121.00 region."