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USD/JPY downside targets 118.50/00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - USD/JPY ended last week on the offer with a softer greenback into the close in thin markets. We are mostly closed again around the Globe until the US session, although Japan is open and will be reporting second tier data.

    However, the main theme remains on the divergence between Central Banks with the Fed lifting off in December's FOMC and the BoJ not doing enough to convince markets that there will not be easing to come further down the line. For the time being, a relief rally came in the Yen while the markets would have expected more from the BoJ.

    USD/JPY levels

    Technically, the price is below the cluster of MA's on the daily chart and set to break lower with closes below the cloud base at 120.85 and eyes 118.50/00 levels. Valeria Bednarik, chief analyst at FXStreet explained, "In the 4 hours chart, the technical indicators have lost their bearish strength, but are still well below their mid-lines, whilst the price holds near its lows, and well below its moving averages, all of which maintains the risk towards the downside, particularly on a break below the 120.00 figure, now the immediate support."
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