27 Aug 2015
USD/JPY: Bulls need additional advances on 120.00 - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that USD/JPY spent most of the day consolidating around the 119.50 level, having advanced some during the Asian session, helped by the Nikkei 225 strong recovery.
Key Quotes:
"The pair reached a daily high of 119.91 after the release of US positive data, but retreated after being unable to retake the 120.00 critical level."
"Technically, the 1 hour chart shows that the 100 SMA maintains a strong bearish slope around the 120.60 level, providing a strong dynamic resistance in the case of further advances. In the same chart, however, the technical indicators present a neutral stance, turning slightly lower around their mid-lines, lacking clear directional strength."
"In the 4 hours chart, the Momentum indicator extended its advance and maintains its upward strength, but remains below the 100 level, whilst the RSI indicator heads slightly higher around 40, all of which confirms the need of some additional gains before the upward continuation becomes clearer."
Key Quotes:
"The pair reached a daily high of 119.91 after the release of US positive data, but retreated after being unable to retake the 120.00 critical level."
"Technically, the 1 hour chart shows that the 100 SMA maintains a strong bearish slope around the 120.60 level, providing a strong dynamic resistance in the case of further advances. In the same chart, however, the technical indicators present a neutral stance, turning slightly lower around their mid-lines, lacking clear directional strength."
"In the 4 hours chart, the Momentum indicator extended its advance and maintains its upward strength, but remains below the 100 level, whilst the RSI indicator heads slightly higher around 40, all of which confirms the need of some additional gains before the upward continuation becomes clearer."