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USD/JPY clings to gains above 120.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY has steadied near daily highs after rising more than half a cent throughout the day, ignoring Fed member Lockhart comments and the latest string of US data.

    USD/JPY was underpinned by the positive market sentiment and reached a peak of 120.34 at the beginning of the New York session, but lacked follow-through and steadied in a narrow range over the last hours. At time of writing, the pair is trading at 120.24, recording a 0.27% gain on the day.

    USD/JPY technical perspective

    “Technically, the 1 hour chart shows that the price is above its 100 and 200 SMAs that anyway are horizontal, whilst the technical indicators are turning lower near overbought levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the Momentum indicator aims higher above its 100 level, whilst the RSI lacks directional strength around 53”.

    “The pair needs to advance beyond the 120.70 to be able to gain additional upward momentum, with the next strong resistance at 121.35, the top of these last months' range”, Bednarik added.
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