17 Jul 2014
USD/JPY coning clearly bearish
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY extends its slide early Asian session, testing 101.20 strong static support level and with a clear bearish bias in its intraday charts.
Key Quotes:
“The hourly chart shows now 100 and 200 SMA converging in the 101.50 region acting as immediate intraday resistance while indicators remain in negative territory, and even RSI turns south in oversold levels”.
“In the 4 hours chart technical readings present a strong bearish momentum, looking for a probable test of the year low around 100.70 as long as 101.40/60 area continues to contain the upside”.
“Support levels: 101.20 100.70 100.35”
“Resistance levels: 101.55 101.95 102.35”.
Key Quotes:
“The hourly chart shows now 100 and 200 SMA converging in the 101.50 region acting as immediate intraday resistance while indicators remain in negative territory, and even RSI turns south in oversold levels”.
“In the 4 hours chart technical readings present a strong bearish momentum, looking for a probable test of the year low around 100.70 as long as 101.40/60 area continues to contain the upside”.
“Support levels: 101.20 100.70 100.35”
“Resistance levels: 101.55 101.95 102.35”.