18 Dec 2014
USD/JPY: Buyers cautionary on global risk - FXStreet
FXStreet (Guatemala) - Chief Analyst at FXStreet, Valeria Bednarik, explained that the USD/JPY pair has showed a quite shallow advance despite markets’ renewed optimism.
Key Quotes:
“…Surging to a fresh 4-day high of 119.30, but retracing back below the 119.00 figure to close the day barely 20 pips above its opening”.
“Lately, the yen has been quite attached to Russia and Oil developments, strengthening on risk aversion and seems investors are still wary when it comes to sell the yen”.
“Technically, the 1 hour chart shows price advanced above its 200 SMA that anyway maintains a bearish slope, now acting as dynamic support around 118.50. Indicators in the same time frame turned lower but remain above their midlines, which limits chances of a slide in the short term”.
“In the 4 hours chart momentum continues to head higher above 100 while RSI stands around 56, supporting the shorter term view. At this point, the pair needs to advance above 119.45 to be able to extend its gains towards the 120.00 figure, with increasing downward potential mentioned 118.50 support gives up”.
Key Quotes:
“…Surging to a fresh 4-day high of 119.30, but retracing back below the 119.00 figure to close the day barely 20 pips above its opening”.
“Lately, the yen has been quite attached to Russia and Oil developments, strengthening on risk aversion and seems investors are still wary when it comes to sell the yen”.
“Technically, the 1 hour chart shows price advanced above its 200 SMA that anyway maintains a bearish slope, now acting as dynamic support around 118.50. Indicators in the same time frame turned lower but remain above their midlines, which limits chances of a slide in the short term”.
“In the 4 hours chart momentum continues to head higher above 100 while RSI stands around 56, supporting the shorter term view. At this point, the pair needs to advance above 119.45 to be able to extend its gains towards the 120.00 figure, with increasing downward potential mentioned 118.50 support gives up”.