Wednesday, November 4, 2015

USD/JPY: critical resistance under threat- FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY has been approaching a critical resistance.

Key Quotes:

"The USD/JPY pair is approaching the 121.00 figure ahead of the US opening, with investors all of a sudden buying the greenback, with no clear catalyst behind the move, but dollar's strength."

"The pair may advance beyond the mentioned level, up to a critical resistance area around 121.45, the 200 DMA and the line in the sand for investors, as the pair has met selling interest on approaches to that level ever since late August.

Short term, the price is extending above its 100 and 200 SMAs, whilst the RSI indicator heads higher near overbought levels and the Momentum indicator is barely bouncing from its 100 line.

In the 4 hours chart, the technical stance seems more constructive towards the upside, as the Momentum indicator accelerated its advance above its 100 line, while the RSI hovers around 57."
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