8 May 2015
USD/JPY: Bulls target 119.85 resistance - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the American dollar recovered against the Japanese yen, with the pair having flirted with the 119.00 region after the European opening.
Key Quotes:
"The USD/JPY pair fell briefly below its 100 SMA for the first time this week, currently around 119.20, having been hovering around it since late March, a clear sign of the ongoing lack of directional strength."
"Shorter term, the 1 hour chart shows that the price latest advance stalled right below the 100 SMA currently at 119.85, whilst the technical indicators have lost their upward potential well above their mid-lines, reflecting the latest consolidative stage."
"In the 4 hours chart the price advanced above its moving averages that anyway remain flat, whilst the technical indicators have recovered further from oversold readings, but remain below their mid-lines."
"The pair usually remains confined to a tight range before the release of US Nonfarm Payroll figures, although additional gains could be achieved particularly on a price acceleration above the mentioned 119.85 resistance."
Key Quotes:
"The USD/JPY pair fell briefly below its 100 SMA for the first time this week, currently around 119.20, having been hovering around it since late March, a clear sign of the ongoing lack of directional strength."
"Shorter term, the 1 hour chart shows that the price latest advance stalled right below the 100 SMA currently at 119.85, whilst the technical indicators have lost their upward potential well above their mid-lines, reflecting the latest consolidative stage."
"In the 4 hours chart the price advanced above its moving averages that anyway remain flat, whilst the technical indicators have recovered further from oversold readings, but remain below their mid-lines."
"The pair usually remains confined to a tight range before the release of US Nonfarm Payroll figures, although additional gains could be achieved particularly on a price acceleration above the mentioned 119.85 resistance."