3 Apr 2015
USD/JPY weekly close below 119.10 may lead to additional losses ahead – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, USD/JPY might favour the downside in the days ahead if the pair closes below the 100 DMA at 119.10 on a weekly basis, with 118.50/60 and 117.70 being the potential bearish targets.
Key Quotes
“The USD/JPY fell down to 118.71 and remains below the 119.00 level, with the dollar unable to move after the bad employment readings.”
“The mild bearish tone the pair had lately is getting confirmed with this break out, as the 100 DMA stands now around 119.10. A weekly close below it should signal additional yen gains for the upcoming days.”
“Short term, and despite oversold, the downside is favored as the pair was strongly rejected from its 100 and 200 SMAs now almost 100 pips above the current price.”
“The 118.50/60 area comes as the immediate support, with a break below it exposing 117.70 as the next bearish target.”
“Support levels: 118.55 118.10 117.70”
“Resistance levels: 119.10 119.50 120.00”
Key Quotes
“The USD/JPY fell down to 118.71 and remains below the 119.00 level, with the dollar unable to move after the bad employment readings.”
“The mild bearish tone the pair had lately is getting confirmed with this break out, as the 100 DMA stands now around 119.10. A weekly close below it should signal additional yen gains for the upcoming days.”
“Short term, and despite oversold, the downside is favored as the pair was strongly rejected from its 100 and 200 SMAs now almost 100 pips above the current price.”
“The 118.50/60 area comes as the immediate support, with a break below it exposing 117.70 as the next bearish target.”
“Support levels: 118.55 118.10 117.70”
“Resistance levels: 119.10 119.50 120.00”