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20 Apr 2015
USD/JPY: Bulls playing with fire around 118.80 support
FXStreet (Bali) - According to Valeria Bednarik, Chief Analyst at FXStreet, USD/JPY needs to break below the 118.50 price zone to allow further downside towards 116.80 price zone.
Key Quotes
The Japanese yen strengthened steadily against the greenback last week, with the pair reaching 118.56 before stalling. The pair's weekly decline has been of around 200 pips, and that may seem little relevant."
"However, it has been trading steadily for most of these last three days below its 100 DMA, which reflects an increasing selling interest that may lead to a longer term downward continuation."
"Technically, the 4 hours chart favors the downside, as the price extended further below its moving averages, whilst the technical indicators aim higher, but below their mid-lines."
"Shorter term, the 1 hour chart shows that the 100 SMA extended below the 200 SMA, with the shortest now offering dynamic resistance in the 119.30 region, whilst the technical indicators aim higher, but remain below their mid-lines. The pair needs to break below the 118.50 price zone to confirm additional declines towards the 116.80 price zone."
Key Quotes
The Japanese yen strengthened steadily against the greenback last week, with the pair reaching 118.56 before stalling. The pair's weekly decline has been of around 200 pips, and that may seem little relevant."
"However, it has been trading steadily for most of these last three days below its 100 DMA, which reflects an increasing selling interest that may lead to a longer term downward continuation."
"Technically, the 4 hours chart favors the downside, as the price extended further below its moving averages, whilst the technical indicators aim higher, but below their mid-lines."
"Shorter term, the 1 hour chart shows that the 100 SMA extended below the 200 SMA, with the shortest now offering dynamic resistance in the 119.30 region, whilst the technical indicators aim higher, but remain below their mid-lines. The pair needs to break below the 118.50 price zone to confirm additional declines towards the 116.80 price zone."