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11 May 2015
USD/JPY: 121.00 key resistance - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet gave an insight in USD/JPY.
Key Quotes:
"The USD/JPY pair has declined from a daily high set at 120.23 following the release of US Nonfarm Payroll figures on Friday, falling down to 119.58, before managing to regain some ground and close the day with limited gains."
"The pair has been trading in a well-defined range since mid March, clearly reflected in the daily chart as the price has been moving back and forth around a flat 100 DMA, whilst the technical indicators lack directional strength in neutral territory."
"Shorter term, the 4 hours chart shows that the Momentum indicator presents a nice bullish slope above 100 whilst the RSI stands around 51, as the price held above its moving averages."
"The slightly positive tone however, is not enough to suggest a strong advance, as the pair has failed to sustain gains above the 120.00 figure several times over the past 2-months. At this point, only some follow through beyond the 121.00 level will support a bullish continuation, something unlikely for this Monday."
Key Quotes:
"The USD/JPY pair has declined from a daily high set at 120.23 following the release of US Nonfarm Payroll figures on Friday, falling down to 119.58, before managing to regain some ground and close the day with limited gains."
"The pair has been trading in a well-defined range since mid March, clearly reflected in the daily chart as the price has been moving back and forth around a flat 100 DMA, whilst the technical indicators lack directional strength in neutral territory."
"Shorter term, the 4 hours chart shows that the Momentum indicator presents a nice bullish slope above 100 whilst the RSI stands around 51, as the price held above its moving averages."
"The slightly positive tone however, is not enough to suggest a strong advance, as the pair has failed to sustain gains above the 120.00 figure several times over the past 2-months. At this point, only some follow through beyond the 121.00 level will support a bullish continuation, something unlikely for this Monday."