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2 Jun 2015
USD/JPY retreating from highs – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, explains that although USD/JPY is seen retreating lower from the high at 125.04, the long term bullish trend stands intact.
Key Quotes
“The USD/JPY pair has give up some of its latest gains, easing from its fresh multi-year high set in the Asian session at 125.04.”
“The 1 hour chart shows that the price continues to develop well above a bullish 100 SMA around 124.10, whilst the technical indicators have turned lower, and the Momentum indicator now below its 100 level, supporting a bearish short term movement underway.”
“In the 4 hours chart however, the price is far above its moving averages, whilst the technical indicators are turning lower near overbought levels, suggesting that the longer term bullish trend remains intact.”
“Support levels: 124.45 124.00 123.65”
“Resistance levels: 124.85 125.10 125.50”
Key Quotes
“The USD/JPY pair has give up some of its latest gains, easing from its fresh multi-year high set in the Asian session at 125.04.”
“The 1 hour chart shows that the price continues to develop well above a bullish 100 SMA around 124.10, whilst the technical indicators have turned lower, and the Momentum indicator now below its 100 level, supporting a bearish short term movement underway.”
“In the 4 hours chart however, the price is far above its moving averages, whilst the technical indicators are turning lower near overbought levels, suggesting that the longer term bullish trend remains intact.”
“Support levels: 124.45 124.00 123.65”
“Resistance levels: 124.85 125.10 125.50”