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23 Jan 2015
USD/JPY gains capped at 118.79 levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that USD/JPY gains are capped at 118.79 levels and the pair might see 117.84 levels on a break below 118.16.
Key Quotes
“The gains in the USD/JPY are capped at the 50-DMA level located at 118.79 levels for the third session in the last four days. Despite having finished higher on Thursday at 118.55 levels, the pair has struggled to extend the rally as it trades lower [..], with the daily RSI neutral at 50.00 levels.”
“On the hourly chart, the bearish crossover between 5-SMA and 10-SMA is likely to push the pair down to 118.16 (23.6% retracement level). Moreover, a fall to 118.16 shall push the hourly RSI below 50.00 levels, thus the pair can extend the slide to rising trend line support at 117.84 levels.”
“Meanwhile, USD bulls would come-in strong once the pair rises above 50-DMA at 118.79 levels.”
Key Quotes
“The gains in the USD/JPY are capped at the 50-DMA level located at 118.79 levels for the third session in the last four days. Despite having finished higher on Thursday at 118.55 levels, the pair has struggled to extend the rally as it trades lower [..], with the daily RSI neutral at 50.00 levels.”
“On the hourly chart, the bearish crossover between 5-SMA and 10-SMA is likely to push the pair down to 118.16 (23.6% retracement level). Moreover, a fall to 118.16 shall push the hourly RSI below 50.00 levels, thus the pair can extend the slide to rising trend line support at 117.84 levels.”
“Meanwhile, USD bulls would come-in strong once the pair rises above 50-DMA at 118.79 levels.”