USD/JPY: 123.55 is key resistance still - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that USD/JPY is consolidating gains.

Key Quotes:

"The USD/JPY pair holds to its recent gains, but remains within a limited intraday range, which erased any possible sign of strength in the technical readings. The 1 hour chart shows that the price is still well above its 100 and 200 SMAS, while the Momentum indicator is barely turning higher around its 100 level and the RSI indicator heads north around 58, just enough to keep the downside limited in the short term.

In the 4 hours chart, the technical indicators are resuming their advances well above their mid-lines, in line with the shorter term view. Nevertheless, the pair needs to break above 123.55, last week high, to be able to extend its rally during the upcoming hours."
For more information, read our latest forex news.