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10 Apr 2015
USD/JPY: 122.00 slipping away?
FXStreet (Guatemala) - USD/JPY is currently trading at 120.46 with a high of 120.63 and a low of 120.43.
USD/JPY is consolidated at the mid point of the psychological 120 handle and has been better bid until the Tokyo open that left the less committed bulls on the sidelines with an extension of supply adding to offers from the 120.70's. Nevertheless, the 10 pip move to the downside lacks volumes and momentum on a non eventful session so far ahead of Chinese CPI and PPI.
Technically, in the 4 hours chart, the pair finally moved above its moving averages, as noted by Valeria Bednarik, chief analyst at FXStreet explained. "Technical indicators aim slightly higher above their mid-lines, supporting the shorter term outlook. A break above 120.85, the immediate resistance, should open doors for an approach to the 122.00 price zone."
USD/JPY is consolidated at the mid point of the psychological 120 handle and has been better bid until the Tokyo open that left the less committed bulls on the sidelines with an extension of supply adding to offers from the 120.70's. Nevertheless, the 10 pip move to the downside lacks volumes and momentum on a non eventful session so far ahead of Chinese CPI and PPI.
Technically, in the 4 hours chart, the pair finally moved above its moving averages, as noted by Valeria Bednarik, chief analyst at FXStreet explained. "Technical indicators aim slightly higher above their mid-lines, supporting the shorter term outlook. A break above 120.85, the immediate resistance, should open doors for an approach to the 122.00 price zone."