9 Jan 2015
USD/JPY likely to test 119.10 today – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that USD/JPY is likely to test 119.10 levels today with hourly technicals supporting the intraday bearish outlook.
Key Quotes
“The USD/JPY pair appears stuck between the 5-DMA and the 10-DMA located at 119.26 and 119.66 levels today. The pair dipped to 119.20 levels before recovering to trade marginally above the 50% retracement level seen on the hourly charts at 119.41 levels.”
“However, the pair has breached the short-term rising trend line support on the hourly chart yesterday, plus it has failed to sustain gains above hourly 200-SMA, while the hourly RSI has turned bearish at 43.43 levels. Thus, it is more likely to test 119.10 levels during the day.”
“Moreover, a bearish move would also push the daily RSI below 50.00 levels.”
“On the other hand, a fresh demand for USD can be anticipated if the pair confirms a rise above 119.70 levels (weekly 5-MA). In such a case, the pair could re-test 120.00 levels.”
Key Quotes
“The USD/JPY pair appears stuck between the 5-DMA and the 10-DMA located at 119.26 and 119.66 levels today. The pair dipped to 119.20 levels before recovering to trade marginally above the 50% retracement level seen on the hourly charts at 119.41 levels.”
“However, the pair has breached the short-term rising trend line support on the hourly chart yesterday, plus it has failed to sustain gains above hourly 200-SMA, while the hourly RSI has turned bearish at 43.43 levels. Thus, it is more likely to test 119.10 levels during the day.”
“Moreover, a bearish move would also push the daily RSI below 50.00 levels.”
“On the other hand, a fresh demand for USD can be anticipated if the pair confirms a rise above 119.70 levels (weekly 5-MA). In such a case, the pair could re-test 120.00 levels.”