16 Feb 2015
USD/JPY sideward movement expected – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team shares the technical outlook for USD/JPY.
Key Quotes
“Since July the USD was able to appreciate versus the JPY and reached the resistance level at 109.80 where the pair slightly rebounded. Since then the currency pair was experiencing a downward movement untill it reached the second Fibonacci Fan line where it rebounded and rapidly climbed to a new high.”
“For the last weeks the pair was traded slightly below the resistance level at 121.68.”
“According to the indicators, it is likely that we will see a sideward movement in the near future between the first resistance and the first support line.”
Key Quotes
“Since July the USD was able to appreciate versus the JPY and reached the resistance level at 109.80 where the pair slightly rebounded. Since then the currency pair was experiencing a downward movement untill it reached the second Fibonacci Fan line where it rebounded and rapidly climbed to a new high.”
“For the last weeks the pair was traded slightly below the resistance level at 121.68.”
“According to the indicators, it is likely that we will see a sideward movement in the near future between the first resistance and the first support line.”