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12 Mar 2015
USD/JPY climbs back above 121.00
FXStreet (Córdoba) - Following a quick drop to the 120.70 area at the beginning of the session on the back of weak US retail sales data, USD/JPY managed to bounce off lows and climbed back above the 121 mark.
The dollar was already under pressure before data as it goes through a corrective phase. USD/JPY bottomed out at 120.68 but managed to bounce toward the 121.25 zone in recent dealings. At time of writing, the pair is trading at the 121.20 zone, still down 0.19% below its opening price.
USD/JPY technical outlook
“In the 4 hours chart the technical indicators have crossed below their midlines, but lost the bearish potential and turned flat in negative territory”, said Valeria Bednarik, chief analyst at FXStreet. “A price acceleration below the daily low however, may push the pair further down, eyeing then an approach to the critical 120.00 figure”.
Bednarik locates next support levels at 120.65, 120.30 and 120.00, while she places resistances at 121.40, 121.85 and 122.30.
The dollar was already under pressure before data as it goes through a corrective phase. USD/JPY bottomed out at 120.68 but managed to bounce toward the 121.25 zone in recent dealings. At time of writing, the pair is trading at the 121.20 zone, still down 0.19% below its opening price.
USD/JPY technical outlook
“In the 4 hours chart the technical indicators have crossed below their midlines, but lost the bearish potential and turned flat in negative territory”, said Valeria Bednarik, chief analyst at FXStreet. “A price acceleration below the daily low however, may push the pair further down, eyeing then an approach to the critical 120.00 figure”.
Bednarik locates next support levels at 120.65, 120.30 and 120.00, while she places resistances at 121.40, 121.85 and 122.30.