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27 Mar 2015
USD/JPY might resume bearish on a break below 118.70 – FXStreet
FXStreet (Barcelona) - With USD/JPY maintaining a short-term negative tone, a move below 118.70 levels might trigger a resumption of the bearish trend, while above 120.00 will ease the downtrend, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The USD/JPY remained capped below the 119.65 price zone, a strong static resistance level, maintaining an overall negative tone in the short term.”
“The 1 hour chart shows that the price retraces from its 100 SMA that maintains a strong bearish slope around 119.40, whilst the technical indicators are crossing their midlines to the downside, supporting additional short term declines.”
“In the 4 hours chart indicators are now turning south well below their midlines after correcting oversold levels, supporting the shorter term view.”
“The pair will get some relief only with a steady recovery above the 120.00 level, whilst the bearish potential will likely resume on a break below the 118.70 support.”
“Support levels: 119.05 118.70 118.30”
“Resistance levels: 119.65 120.00 120.40”
Key Quotes
“The USD/JPY remained capped below the 119.65 price zone, a strong static resistance level, maintaining an overall negative tone in the short term.”
“The 1 hour chart shows that the price retraces from its 100 SMA that maintains a strong bearish slope around 119.40, whilst the technical indicators are crossing their midlines to the downside, supporting additional short term declines.”
“In the 4 hours chart indicators are now turning south well below their midlines after correcting oversold levels, supporting the shorter term view.”
“The pair will get some relief only with a steady recovery above the 120.00 level, whilst the bearish potential will likely resume on a break below the 118.70 support.”
“Support levels: 119.05 118.70 118.30”
“Resistance levels: 119.65 120.00 120.40”