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USD/JPY capped below 123.00, Japan on holidays

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Bali) - USD/JPY is developing its early activity in a slow motion, trapped in a 122.85-95 range since the electronic trading openm with prospects of a pick up in volatility during the Asian session quite slim, given the public holidays in Japan today.

    USD/JPY in-house view

    Valeria Bednarik, Chief Analyst at FXStreet, notes: "The daily chart for the USD/JPY pair shows that the price remains above its 100 and 200 SMAs, both together around 121.40 whilst the technical indicators continue retreating from overbought levels, heading towards their mid-lines."

    "Shorter term, the 4 hours chart shows that the Momentum indicator has accelerated strongly below the 100 level, while the RSI indicator heads south around 41 supporting a continued decline on a break below 122.60, November 19th low and the immediate support", Valeria adds.
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