3 Dec 2014
USD/JPY buyers lined up and determined - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY’s buyers seem determinate to test 120.00 in the nearest term, with the pair trading roughly 20 pips below the figure.
Key Quotes:
“Trading at levels not seen since July 2007, the USD/JPY has advanced alongside with Nikkei this Wednesday, following rumors over the result of upcoming in less than 2 weeks”.
“As for the technical picture, the 1 hour chart shows 100 SMA distancing from 200 one both well below current price, as momentum heads higher above 100 and RSI remains steady at 72, supporting latest advance rather than signaling a continuation at the time being”.
“In the 4 hours chart indicators maintain the positive ground showing a limited upward strength ahead of Asian opening, yet with price at its daily highs, chances are more of a break higher than of a correction lower”.
“The 120.00 figure can reject price in a first attempt to break above it, yet if price holds above 119.60 immediate support, renewed buying interest may
Key Quotes:
“Trading at levels not seen since July 2007, the USD/JPY has advanced alongside with Nikkei this Wednesday, following rumors over the result of upcoming in less than 2 weeks”.
“As for the technical picture, the 1 hour chart shows 100 SMA distancing from 200 one both well below current price, as momentum heads higher above 100 and RSI remains steady at 72, supporting latest advance rather than signaling a continuation at the time being”.
“In the 4 hours chart indicators maintain the positive ground showing a limited upward strength ahead of Asian opening, yet with price at its daily highs, chances are more of a break higher than of a correction lower”.
“The 120.00 figure can reject price in a first attempt to break above it, yet if price holds above 119.60 immediate support, renewed buying interest may