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21 May 2015
USD/JPY: Fresh two-month highs met overnight - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the release of the FOMC Minutes helped the USD/JPY pair reached a fresh 2-month high of 121.46.
Key Quotes:
"...Although the pair retraced some afterwards, consolidating, however above the 121.00 level."
"The strong advance of these last few days was supported by fresh all-time highs in stocks, and extended despite Wednesday's limited volume in equity trading."
"Technically, the 1 hour chart shows that the price continues to develop well above its moving averages, whilst the technical indicators head lower towards their mid-lines, and a clear bearish divergence in the Momentum indicator, yet to be confirmed."
"In the 4 hours chart, the technical indicators are losing their upward strength in extreme overbought levels, supporting a bearish corrective movement towards the 120.45 level."
"Nevertheless, as long as the price holds above this last level, the upside will remain favored, with scope to retest the year high around 122.00 on a break above the mentioned daily low."
Key Quotes:
"...Although the pair retraced some afterwards, consolidating, however above the 121.00 level."
"The strong advance of these last few days was supported by fresh all-time highs in stocks, and extended despite Wednesday's limited volume in equity trading."
"Technically, the 1 hour chart shows that the price continues to develop well above its moving averages, whilst the technical indicators head lower towards their mid-lines, and a clear bearish divergence in the Momentum indicator, yet to be confirmed."
"In the 4 hours chart, the technical indicators are losing their upward strength in extreme overbought levels, supporting a bearish corrective movement towards the 120.45 level."
"Nevertheless, as long as the price holds above this last level, the upside will remain favored, with scope to retest the year high around 122.00 on a break above the mentioned daily low."