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USD/JPY seeks liquidity above 120.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Bali) - USD/JPY has been sent towards 120.45/50 resistance on USD broad-based strength in Asia, briefly breaking a line of liquidity at 120.44, which corresponds to last US highs.

    USD/JPY technicals

    Valeria Bednarik, Chief Analyst at FXStreet, notes: "Technically, the USD/JPY pair continues to present a strong downward potential, albeit buyers have been defending the 120.00 psychological figure."

    "Nevertheless and in the daily chart, the technical indicators have failed to advance beyond their mid-lines and resumed their declines within bearish territory, as the price moved further below its 100 and 200 DMAs, in line with further declines."

    "In the 4 hours chart the technical outlook is also bearish, as the price is well below a strongly bearish 100 SMA, and the technical indicators maintain their bearish slopes below their mid-lines.
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