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11 Mar 2015
USD/JPY decline ahead? – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, gives the technical outlook and key levels for USD/JPY, assessing that indicators in hourly charts show an increasing risk of a continued decline.
Key Quotes
“The USD/JPY posts a tepid advance this Wednesday, with the pair however, far from the 122.00 figure reached earlier this week. Stocks have been stable so far today, which helped the pair trade range bound.”
“The 1 hour chart shows that the price remains above its moving averages, with the 100 SMA now offering dynamic support in case of further slides around 120.90, but the same chart shows that indicators have turned south and the RSI indicator already crossed below its midline, increasing the risk of a continued decline.”
“In the 4 hours chart the technical indicators have also turned lower but remain in positive territory, point to a limited decline.”
“Support levels: 120.90 120.50 120.10"
“Resistance levels: 121.40 121.85 122.30”
Key Quotes
“The USD/JPY posts a tepid advance this Wednesday, with the pair however, far from the 122.00 figure reached earlier this week. Stocks have been stable so far today, which helped the pair trade range bound.”
“The 1 hour chart shows that the price remains above its moving averages, with the 100 SMA now offering dynamic support in case of further slides around 120.90, but the same chart shows that indicators have turned south and the RSI indicator already crossed below its midline, increasing the risk of a continued decline.”
“In the 4 hours chart the technical indicators have also turned lower but remain in positive territory, point to a limited decline.”
“Support levels: 120.90 120.50 120.10"
“Resistance levels: 121.40 121.85 122.30”