7 Jul 2014
USD/JPY easing gains and pressure turning south – FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained the USD/JPY erased all of its recent gains and trades now heavily near 101.60 static support.
Key Quotes:
“The hourly chart shows indicators exhausted to the downside, albeit price is unable to follow the upward correction, which keeps the pressure south. 100 SMA acts now as immediate resistance in the 101.95 price zone, while 200 one converges with mentioned static support of 101.60”.
“In the 4 hours chart indicators present a strong bearish momentum as they cross their midlines to the downside, supporting the shorter term view”.
Key Quotes:
“The hourly chart shows indicators exhausted to the downside, albeit price is unable to follow the upward correction, which keeps the pressure south. 100 SMA acts now as immediate resistance in the 101.95 price zone, while 200 one converges with mentioned static support of 101.60”.
“In the 4 hours chart indicators present a strong bearish momentum as they cross their midlines to the downside, supporting the shorter term view”.