10 Jul 2015
USD/JPY: eyeing 123.30? – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, offers the technical outlook and key levels for USD/JPY.
Key Quotes
“USD/JPY soars, pressuring critical resistance. The USD/JPY advanced above the 122.00 level and pressures the 122.45 strong static resistance level ahead of the US opening, boosted by a sharp recovery in worldwide equities, following Athens "new" proposal.”
“The pair is being driving purely by market sentiment, and the 1 hour chart, shows that the price is now extending above its 200 SMA for the first time since July 2nd, whilst the RSI indicator continues to head north, despite being in overbought territory.”
“In the 4 hours chart, the bias is also higher, as the technical indicators head sharply north above their mid-lines. Nevertheless, the pair has several intraday highs and lows around the current level, which means a limited pullback, down to 122.00 could be expected before a new leg higher.”
“An upward acceleration beyond 122.60 on the other hand, should see the pair advancing steadily, with 123.30 as the next probable bullish target.”
“Support levels: 122.00 121.60 121.20”
“Resistance levels: 122.45 122.90 123.30”
Key Quotes
“USD/JPY soars, pressuring critical resistance. The USD/JPY advanced above the 122.00 level and pressures the 122.45 strong static resistance level ahead of the US opening, boosted by a sharp recovery in worldwide equities, following Athens "new" proposal.”
“The pair is being driving purely by market sentiment, and the 1 hour chart, shows that the price is now extending above its 200 SMA for the first time since July 2nd, whilst the RSI indicator continues to head north, despite being in overbought territory.”
“In the 4 hours chart, the bias is also higher, as the technical indicators head sharply north above their mid-lines. Nevertheless, the pair has several intraday highs and lows around the current level, which means a limited pullback, down to 122.00 could be expected before a new leg higher.”
“An upward acceleration beyond 122.60 on the other hand, should see the pair advancing steadily, with 123.30 as the next probable bullish target.”
“Support levels: 122.00 121.60 121.20”
“Resistance levels: 122.45 122.90 123.30”