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5 May 2015
USD/JPY downside limited while above 120.00 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook and key levels for USD/JPY, noting that downside risks for the pair stand limited while above 120.00 levels.
Key Quotes
“The USD/JPY soared to a daily high of 120.49 as stocks opened with a firm tone, retreating partially from the level after the release of worse than expected US trade balance figures: the deficit surged to 51.37B in March.”
“The 1 hour chart for the pair shows that the technical indicators have turned lower, but are still above their mid-lines, whilst the 100 SMA heads higher above the 200 SMA both well below the current price, something that should keep the downside limited.”
“In the 4 hours chart the technical indicators have retraced from oversold levels, and head lower in positive territory. The pair may retreat down to 120.00 if the dollar keeps fading, albeit the downward risk will remain limited as long as the pair holds above the 120.00 level.”
“Support levels: 120.00 119.65 119.30”
“Resistance levels: 120.45 120.85 122.10”
Key Quotes
“The USD/JPY soared to a daily high of 120.49 as stocks opened with a firm tone, retreating partially from the level after the release of worse than expected US trade balance figures: the deficit surged to 51.37B in March.”
“The 1 hour chart for the pair shows that the technical indicators have turned lower, but are still above their mid-lines, whilst the 100 SMA heads higher above the 200 SMA both well below the current price, something that should keep the downside limited.”
“In the 4 hours chart the technical indicators have retraced from oversold levels, and head lower in positive territory. The pair may retreat down to 120.00 if the dollar keeps fading, albeit the downward risk will remain limited as long as the pair holds above the 120.00 level.”
“Support levels: 120.00 119.65 119.30”
“Resistance levels: 120.45 120.85 122.10”