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USD/JPY: technically the bulls have it ahead of Tokyo - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 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 USD/JPY rallied up to 121.99 this Thursday, as the dollar's momentum triggered by the FED's head extended during the Asian session, although weaker-than-expected US employment data stalled the rally.

    Key Quotes:

    "The pair corrected down to 121.51 intraday, meeting some buying interest around its 200 DMA, and ends the day also above the 100 DMA, a few pips above the largest."

    "Short term, the 1 hour chart shows that the technical indicators have turned lower, but hold above their mid-lines, whilst the price stands well above its 100 and 200 SMAs, in the 120.80/121.10 region."

    "In the 4 hours chart, the technical indicators have retreated from overbought levels before resuming their advances, whilst the moving averages are slowly advancing well below the current level, all of which supports additional gains ahead, at least, from a technical point of view."
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