23 Jul 2014
USD/JPY trading slightly lower on the day - FXStreet
FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that USD/JPY has shown little progress over the last sessions, trading slightly lower on the day, but midrange.
Key quotes
"The hourly chart shows price hovering around a bearish 100 SMA while indicators head lower below their midlines, keeping the pressure to the downside."
"In the 4 hours chart however, indicators present a neutral stance, which should limit slides."
"Stocks trading higher in Europe and US futures also up, will likely contain the downside, albeit some follow through above 101.60 is required to confirm a bullish move ahead."
Key quotes
"The hourly chart shows price hovering around a bearish 100 SMA while indicators head lower below their midlines, keeping the pressure to the downside."
"In the 4 hours chart however, indicators present a neutral stance, which should limit slides."
"Stocks trading higher in Europe and US futures also up, will likely contain the downside, albeit some follow through above 101.60 is required to confirm a bullish move ahead."