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6 May 2015
USD/JPY: Losing the faith on the top side? - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that USD/JPY surged to a 3-week high of 120.49 before poor US data sent the greenback lower against its Asian rival.
Key Quotes:
"The pair has been steadily pushing through the 120.00 critical figure for over a month, but seems unable to sustain gains above it. Disappointing US data sent the pair down to 119.71, with the pair consolidating slightly above it after breaking lower."
"The 1 hour chart shows that the 100 SMA presents a bullish slope and offers intraday support around 119.70, whilst the technical indicators present a limited bearish tone below their mid-lines. In the 4 hours chart the technical indicators present a strong bearish momentum after crossing below their mid-lines, supporting additional declines ahead, particularly if the mentioned support gives up.'
"The key support however, comes at 119.30, with a break below it probably fueling the decline towards sub 119.00 levels."
Key Quotes:
"The pair has been steadily pushing through the 120.00 critical figure for over a month, but seems unable to sustain gains above it. Disappointing US data sent the pair down to 119.71, with the pair consolidating slightly above it after breaking lower."
"The 1 hour chart shows that the 100 SMA presents a bullish slope and offers intraday support around 119.70, whilst the technical indicators present a limited bearish tone below their mid-lines. In the 4 hours chart the technical indicators present a strong bearish momentum after crossing below their mid-lines, supporting additional declines ahead, particularly if the mentioned support gives up.'
"The key support however, comes at 119.30, with a break below it probably fueling the decline towards sub 119.00 levels."