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USD/JPY: upside recoveries limited - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the Japanese yen eased partially against most of its rivals, as a positive close in the Shanghai Composite diluted the strong risk aversion sentiment that favored the safe-haven currency ever since last week.

    Key Quotes:

    "The USD/JPY pair, however, closed the day pretty much unchanged, finding selling interest on advances towards the 118.00 figure. Technically, the daily chart shows that the pair has managed to post a higher high and a higher low, signaling some further downward exhaustion after the pair reached 116.69 at the beginning of the week. The short term picture is showing that the upside is still limited, as in the 1 hour chart, the price is unable to advance beyond its 100 SMA, while the technical indicators are turning lower around their mid-lines.

    In the 4 hours chart, the price remains well below its moving averages, while the technical indicators are unable to advance beyond their mid-lines, still within bearish territory, unable to confirm a stepper advance as long as the price continues being capped by the mentioned 118.00 level."
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