19 Aug 2015
USD/JPY: bulls looking for a reason - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY continues to trade uneventfully above the 124.00 figure, ending the day pretty much unchanged for a second day in-a-row.
Key Quotes:
"The pair is now looking for a reason to extend its rally, and upcoming US data, in the form of CPI readings and FOMC Minutes, can be the make it or break it for the pair. In the meantime, the 1 hour chart shows that the price is now hovering around its 100 SMA, whilst the 200 SMA stands around 124.50, and the technical indicators lack directional strength around their mid-lines."
"In the 4 hours chart the price is resting above a horizontal 100 SMA, while the technical indicators continue to move back and forth around their mid-lines, clearly reflecting the ongoing range. If the US data disappoint, the pair can fall down to 123.30, yet buying interest will likely surge around it, as only a break below this level will make bulls give up."
Key Quotes:
"The pair is now looking for a reason to extend its rally, and upcoming US data, in the form of CPI readings and FOMC Minutes, can be the make it or break it for the pair. In the meantime, the 1 hour chart shows that the price is now hovering around its 100 SMA, whilst the 200 SMA stands around 124.50, and the technical indicators lack directional strength around their mid-lines."
"In the 4 hours chart the price is resting above a horizontal 100 SMA, while the technical indicators continue to move back and forth around their mid-lines, clearly reflecting the ongoing range. If the US data disappoint, the pair can fall down to 123.30, yet buying interest will likely surge around it, as only a break below this level will make bulls give up."