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1 Jul 2015
USD/JPY: bulls suffering on Greek risks - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY fell down to 122.10 intraday in the US, still under pressure on the yen's safe-haven condition on the Greek debacle.
Key Quotes:
"The pair however, should trade in a more limited range now, ahead of the release of the US Nonfarm Payroll report next Thursday. Anyway, the short term picture favors additional declines, as in the 1 hour chart, the 100 SMA crossed below the 200 SMA well above the current level, whilst the technical indicators are retreating from their mid-lines, after failing to recover above them."
"In the 4 hours chart, the Momentum indicator heads sharply lower in negative territory, whilst the RSI aims lower around 35 as the price remains below its moving averages, all of which supports the shorter term view. A downward acceleration below the 122.00 level should lead to a quick decline down to 121.60, whilst below this last, 121.20, the 100 DMA comes as the next probable bearish target."
Key Quotes:
"The pair however, should trade in a more limited range now, ahead of the release of the US Nonfarm Payroll report next Thursday. Anyway, the short term picture favors additional declines, as in the 1 hour chart, the 100 SMA crossed below the 200 SMA well above the current level, whilst the technical indicators are retreating from their mid-lines, after failing to recover above them."
"In the 4 hours chart, the Momentum indicator heads sharply lower in negative territory, whilst the RSI aims lower around 35 as the price remains below its moving averages, all of which supports the shorter term view. A downward acceleration below the 122.00 level should lead to a quick decline down to 121.60, whilst below this last, 121.20, the 100 DMA comes as the next probable bearish target."