27 Apr 2015
USD/JPY upside limited – FXStreet
FXStreet (Barcelona) - Technical indicators suggest upside potential for USD/JPY stands limited, with a key resistance located at 119.55 levels (100 SMA), notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The USD/JPY pair recovered from a daily low set at 118.76, with the yen pressured by Flitch rating agency decision to downgraded Japan's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'A' from 'A+', maintaining the outlook at stable. The pair however, found short term selling interest in the 119.40 region, 38.2$ retracement of the latest daily decline.”
“The 1 hour hart shows that the price is battling around its 200 SMA whilst the 100 SMA stands as key resistance around 119.55, and the technical indicators lose their upward strength near overbought levels.”
“In the 4 hours chart indicators are turning lower well into negative territory, all of which should keep the upside limited, and favor additional declines on a break below the 119.00 level.”
“Support levels: 119.00 118.60 118.20”
“Resistance levels: 119.50 120.00 120.40”
Key Quotes
“The USD/JPY pair recovered from a daily low set at 118.76, with the yen pressured by Flitch rating agency decision to downgraded Japan's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'A' from 'A+', maintaining the outlook at stable. The pair however, found short term selling interest in the 119.40 region, 38.2$ retracement of the latest daily decline.”
“The 1 hour hart shows that the price is battling around its 200 SMA whilst the 100 SMA stands as key resistance around 119.55, and the technical indicators lose their upward strength near overbought levels.”
“In the 4 hours chart indicators are turning lower well into negative territory, all of which should keep the upside limited, and favor additional declines on a break below the 119.00 level.”
“Support levels: 119.00 118.60 118.20”
“Resistance levels: 119.50 120.00 120.40”