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USD/JPY delicate on 120 handle - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen advanced against the greenback, sending the USD/JPY pair down to 119.88 intraday.

    Key Quotes:

    "The pair remains confined to its usual range around the 120.00 level, and seems it will remain so until the month's end, when both, the BOJ and the FED will have their monthly economic policy meetings. Despite the range, the downside is technically favored given that the pair continues developing well below its 100 and 200 SMAs in the daily chart.

    Intraday, the 1 hour chart shows that the technical indicators are aiming to recover, but remain in negative territory whilst the 100 and 200 SMAs converge around 120.05 offering an immediate intraday resistance.

    In the 4 hours chart, the price has been moving back and forth around its moving averages, whilst the technical indicators hold around their mid-lines, all of which reflects the ongoing range."
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