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10 Nov 2014
USD/JPY: Too neutral to confirm further bear pressures - FXStreet
FXStreet (Bali) - USD/JPY has found a double tip at 115.50, although further downward momentum is still necessary to increase downside risks short term, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
"The short term technical picture shows that in the 1 hour chart, price pressures 100 SMA around Friday’s low of 114.30 and immediate support; indicators in this same time frame head lower below their midlines, albeit price has bounced sharply higher on approaches to the 114.00 figure, the level to break to confirm further intraday declines."
"In the 4 hours chart indicators also aim lower entering negative territory, still too neutral to confirm downward strength, and also confirming the need of a break below the 114.00 figure for a steadier decline. To the upside, may resistance stands at 115.00, albeit gains beyond 115.50 highs are not seen for the upcoming 24 hours."
Key Quotes
"The short term technical picture shows that in the 1 hour chart, price pressures 100 SMA around Friday’s low of 114.30 and immediate support; indicators in this same time frame head lower below their midlines, albeit price has bounced sharply higher on approaches to the 114.00 figure, the level to break to confirm further intraday declines."
"In the 4 hours chart indicators also aim lower entering negative territory, still too neutral to confirm downward strength, and also confirming the need of a break below the 114.00 figure for a steadier decline. To the upside, may resistance stands at 115.00, albeit gains beyond 115.50 highs are not seen for the upcoming 24 hours."