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5 May 2015
USD/JPY: Momentum fails, 120.00 guard downside risk - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analysts at FXStreet explained USD/JPY has traded between a daily low of 119.99 and a high of 120.26, consolidating its last week gains.
Key Quotes:
"The yen aimed to advance late in the US session, erasing an early upward momentum in the pair."
"Technically, the 1 hour chart shows that the Momentum indicator turned south around 100 whilst the RSI indicator heads lower around 48, limiting chances of an upcoming advance."
"In the same chart, the 100 SMA crossed above the 200 SMA in the 119.30/40 region, providing intraday support if the decline extends this Tuesday."
"In the 4 hours chart, the technical indicators have turned sharply lower from overbought territory, whilst the 100 and 200 SMA are standing now flat in the 119.20/50 region, with the shortest below the largest, reflecting limited buying interest around the pair."
"A downward acceleration below the 120.00 figure should open doors for a continued slide, eyeing then the 119.30 as a probable intraday bearish target."
Key Quotes:
"The yen aimed to advance late in the US session, erasing an early upward momentum in the pair."
"Technically, the 1 hour chart shows that the Momentum indicator turned south around 100 whilst the RSI indicator heads lower around 48, limiting chances of an upcoming advance."
"In the same chart, the 100 SMA crossed above the 200 SMA in the 119.30/40 region, providing intraday support if the decline extends this Tuesday."
"In the 4 hours chart, the technical indicators have turned sharply lower from overbought territory, whilst the 100 and 200 SMA are standing now flat in the 119.20/50 region, with the shortest below the largest, reflecting limited buying interest around the pair."
"A downward acceleration below the 120.00 figure should open doors for a continued slide, eyeing then the 119.30 as a probable intraday bearish target."