3 Feb 2015
USD/JPY sees a downside breakout from its range – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that USD/JPY witnessed a downside breakout in the hourly charts from its ten day range, opening doors for 115.66 levels.
Key Quotes
“The pair witnessed a downside breakout from the range today, as it trades well below the lower end of the range at 117.18 levels. The weakness was triggered in the previous session after the pair failed to sustain gains above the 5-week moving average located at 117.53.”
“As pointed out in the previous report, the bearish crossover between 5-MA and 10-MA on the daily as well as the weekly charts shall continue to weigh on the pair.”
“Given the downside breakout from the ten day range on the hourly chart, the doors are open for a downside target of 115.66, however the immediate losses are likely to be capped around 116.20 levels.”
“On the other hand, an intraday demand for dollars can be anticipated if the pair rises back above 117.18 levels. In such case, the immediate gains are likely to be capped around 117.50 levels.”
Key Quotes
“The pair witnessed a downside breakout from the range today, as it trades well below the lower end of the range at 117.18 levels. The weakness was triggered in the previous session after the pair failed to sustain gains above the 5-week moving average located at 117.53.”
“As pointed out in the previous report, the bearish crossover between 5-MA and 10-MA on the daily as well as the weekly charts shall continue to weigh on the pair.”
“Given the downside breakout from the ten day range on the hourly chart, the doors are open for a downside target of 115.66, however the immediate losses are likely to be capped around 116.20 levels.”
“On the other hand, an intraday demand for dollars can be anticipated if the pair rises back above 117.18 levels. In such case, the immediate gains are likely to be capped around 117.50 levels.”