7 Jul 2015
USD/JPY: 122 guards the downside to 121.20 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the Japanese Yen maintained part of its intraday gains against the greenback in the US shift.
Key Quotes:
"The USD/JPY fell down to a fresh 1 -month low of 121.87 earlier in the day and was unable to advance beyond the 123.00 level on its intraday advances."
"The 1 hour chart shows that the price was rejected from its 100 SMA, now offering resistance in the 122.90 region, whilst the technical indicators are turning south below their mid-lines, maintaining the risk towards the downside."
"In the 4 hours chart, the 100 SMA is gaining bearish slope below the 200 SMA, whilst the RSI indicator heads strongly lower around 38, and the Momentum indicator hovers below the 100 level, supporting the longer term perspective. A break below 122.00 should lead to a downward extension towards 121.20, the 100 DMA."
Key Quotes:
"The USD/JPY fell down to a fresh 1 -month low of 121.87 earlier in the day and was unable to advance beyond the 123.00 level on its intraday advances."
"The 1 hour chart shows that the price was rejected from its 100 SMA, now offering resistance in the 122.90 region, whilst the technical indicators are turning south below their mid-lines, maintaining the risk towards the downside."
"In the 4 hours chart, the 100 SMA is gaining bearish slope below the 200 SMA, whilst the RSI indicator heads strongly lower around 38, and the Momentum indicator hovers below the 100 level, supporting the longer term perspective. A break below 122.00 should lead to a downward extension towards 121.20, the 100 DMA."