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27 Mar 2015
USD/JPY: Testing the downside on repeat
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted how the USD/JPY pair fell down to a fresh 5-week low of 118.32, before finally stalling.
Key Quotes:
"...recovered around 100 pips on the back of USD strength and rising US yields, with the 10Y one back at 2.00%."
"During the upcoming Asian session, Japan will release data related to inflation, employment and household spending, which may imprint some life to yen crosses particularly if the figures are soft."
"In the meantime, the 1 hour chart shows that the intraday recovery extended up to 119.42, well below a strongly bearish 100 SMA, currently around 119.65. In the same chart, the Momentum indicator remains above 100 although partially losses its bullish strength while the RSI stands around 53."
"In the 4 hours chart the technical indicators bounced strongly from oversold territory and maintain their bullish slopes, albeit are still below their mid-lines. The price needs to recover above the 119.65 resistance level to be able to continue advancing, with the next resistance at the psychological 120.00 figure."
Key Quotes:
"...recovered around 100 pips on the back of USD strength and rising US yields, with the 10Y one back at 2.00%."
"During the upcoming Asian session, Japan will release data related to inflation, employment and household spending, which may imprint some life to yen crosses particularly if the figures are soft."
"In the meantime, the 1 hour chart shows that the intraday recovery extended up to 119.42, well below a strongly bearish 100 SMA, currently around 119.65. In the same chart, the Momentum indicator remains above 100 although partially losses its bullish strength while the RSI stands around 53."
"In the 4 hours chart the technical indicators bounced strongly from oversold territory and maintain their bullish slopes, albeit are still below their mid-lines. The price needs to recover above the 119.65 resistance level to be able to continue advancing, with the next resistance at the psychological 120.00 figure."