23 Feb 2015
USD/JPY bid above 119.00 in Tokyo on strong dollar
FXStreet (Guatemala) - USD/JPY opened at 119.11 in Tokyo after the BoJ minutes for January 20th/21st meeting were released moments before that didn't bring much in the way of stimulus to trade one way or the other.
We remain well place on the 119 handle in positive territory with a better bid greenback across the board. 119.20 remains as the first resistance.
Technically, we remain within the longterm range between 115.50 and the psychological 120 handle. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart shows that the pair closed last week above a short term descendant trend line coming from 120.47, February 11 daily high, but mostly, the price traded within range. "In the same time frame the technical indicators present a neutral stance, while the price stands above its 20 SMA, giving some limited support to the pair." Valeria added that, at this point, some follow through beyond 119.40 is required to confirm a firmer rally, eyeing a retest of the mentioned monthly high. There after, through the psychological 120.00 level, the next initial resistance comes as the 121.86 December high before the 122.45 15 year downtrend.
We remain well place on the 119 handle in positive territory with a better bid greenback across the board. 119.20 remains as the first resistance.
Technically, we remain within the longterm range between 115.50 and the psychological 120 handle. Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart shows that the pair closed last week above a short term descendant trend line coming from 120.47, February 11 daily high, but mostly, the price traded within range. "In the same time frame the technical indicators present a neutral stance, while the price stands above its 20 SMA, giving some limited support to the pair." Valeria added that, at this point, some follow through beyond 119.40 is required to confirm a firmer rally, eyeing a retest of the mentioned monthly high. There after, through the psychological 120.00 level, the next initial resistance comes as the 121.86 December high before the 122.45 15 year downtrend.