19 Jun 2015
USD/JPY requires a break above 123.30 to see further gains – FXStreet
FXStreet (Barcelona) - With USD/JPY technicals exhibiting a neutral tone, Valeria Bednarik, Chief Analyst at FXStreet, see upside potential for USD/JPY only on a break above 123.30 levels.
Key Quotes
“The USD/JPY pair managed to regain the 123.00 level, and trades right above it, albeit showing no directional strength at the time being.”
“Technically, the 1 hour chart shows that the price remains below its 100 and 200 SMAs, whilst the technical indicators present a neutral stance, holding horizontal above their mid-lines.”
“In the 4 hours chart, however, the technical indicators have turned south below their mid-lines, maintaining the risk towards the downside in the short term.”
“The pair has a strong static resistance level around 123.30, so it will take a recovery above it to confirm additional advances and revert the dominant bearish tone.”
“Support levels: 122.80 122.40 122.00”
“Resistance levels: 123.30 123.70 124.10”
Key Quotes
“The USD/JPY pair managed to regain the 123.00 level, and trades right above it, albeit showing no directional strength at the time being.”
“Technically, the 1 hour chart shows that the price remains below its 100 and 200 SMAs, whilst the technical indicators present a neutral stance, holding horizontal above their mid-lines.”
“In the 4 hours chart, however, the technical indicators have turned south below their mid-lines, maintaining the risk towards the downside in the short term.”
“The pair has a strong static resistance level around 123.30, so it will take a recovery above it to confirm additional advances and revert the dominant bearish tone.”
“Support levels: 122.80 122.40 122.00”
“Resistance levels: 123.30 123.70 124.10”