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9 Apr 2015
USD/JPY trading below the key resistance at 120.45 – FXStreet
FXStreet (Barcelona) - USD/JPY resurfaced above 120.00 levels, but technicals in 4H charts suggests the pair exhibits a neutral outlook, with 120.45 acting as resistance and 119.70 supporting the downside, notes Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The USD/JPY pair regains the 120.00 level ahead of the US opening, helped by better than expected US weekly unemployment claims, down to 281K last week. Nevertheless, the pair continues to trade ranging below the critical resistance at 120.45.”
“The 1 hour chart for the pair shows a limited upward potential, as indicators are regaining the upside but below their mid-lines, whilst the 100 and 200 SMAs, converge below the current price, around 119.70.”
“In the 4 hours chart the technical picture remains neutral, with the price moving back and forth within moving averages, and the technical indicators flat slightly above their mid-lines.”
“Support levels: 119.70 119.35 119.00”
“Resistance levels: 120.45 120.85 121.30”
Key Quotes
“The USD/JPY pair regains the 120.00 level ahead of the US opening, helped by better than expected US weekly unemployment claims, down to 281K last week. Nevertheless, the pair continues to trade ranging below the critical resistance at 120.45.”
“The 1 hour chart for the pair shows a limited upward potential, as indicators are regaining the upside but below their mid-lines, whilst the 100 and 200 SMAs, converge below the current price, around 119.70.”
“In the 4 hours chart the technical picture remains neutral, with the price moving back and forth within moving averages, and the technical indicators flat slightly above their mid-lines.”
“Support levels: 119.70 119.35 119.00”
“Resistance levels: 120.45 120.85 121.30”