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19 May 2015
USD/JPY eyeing 121.00 levels? – FXStreet
FXStreet (Barcelona) - According to Valeria Bednarik, Chief Analyst at FXStreet, a USD/JPY break above the resistance at 120.40/50 shifts focus to the key 121.00 figure.
Key Quotes
“Broad dollar strength pushed the USD/JPY above the 120.00 level for the first time this week, although the pair continued to lack any kind of directional strength, consolidating steady below the 120.20 level ahead of surprise positive US data that boosted the pair higher.”
“Now breaking above the 120.40 figure, the 1 hour chart shows that the price is extending above its moving averages, while the technical indicators head sharply higher after bouncing from their mid-lines.”
“In the 4 hours chart, the RSI anticipates further advances, heading higher around 70, albeit the Momentum indicator is flat above 100, not yet reflecting the latest advance.”
“The immediate resistance stands in the 120.40/50 region, with a break above it favoring an approach to the 121.00 figure.“
“Support levels: 120.10 119.60 119.20“
“Resistance levels: 120.45 120.85 121.25”
Key Quotes
“Broad dollar strength pushed the USD/JPY above the 120.00 level for the first time this week, although the pair continued to lack any kind of directional strength, consolidating steady below the 120.20 level ahead of surprise positive US data that boosted the pair higher.”
“Now breaking above the 120.40 figure, the 1 hour chart shows that the price is extending above its moving averages, while the technical indicators head sharply higher after bouncing from their mid-lines.”
“In the 4 hours chart, the RSI anticipates further advances, heading higher around 70, albeit the Momentum indicator is flat above 100, not yet reflecting the latest advance.”
“The immediate resistance stands in the 120.40/50 region, with a break above it favoring an approach to the 121.00 figure.“
“Support levels: 120.10 119.60 119.20“
“Resistance levels: 120.45 120.85 121.25”