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14 Apr 2015
USD/JPY: further losses below 119.35 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook and key levels for USD/JPY, expecting the pair to see further downside on a break below 119.35 levels.
Key Quotes
“Abe's advisor Hamada is back on the wires, trying to correct the mess triggered yesterday after talking about an USD/JPY at 105.00. Today, he stated that 120.00 is an acceptable level, but if the price surges further up to 125/130, then that will widen the gap between purchasing power parity and spot rate, something undesirable.”
“The USD/JPY pair recovered from a daily low at 119.54 and approached to the 120.00 level before resuming the downside, extending its daily decline down to 119.46.”
“The 1 hour chart shows that the 200 SMA continues to cap the upside in the 119.90 level, whilst the technical indicators have turned lower in negative territory after correcting oversold readings.”
“In the 4 hours chart the indicators stand well below their mid-lines, albeit lacking directional strength at the time being, whilst the price stands below its moving averages, favoring a downward continuation particularly if the pair breaks below the 119.35 level, the immediate support.”
“Support levels: 119.35 118.90 118.50”
Resistance levels: 119.90 120.20 120.45”
Key Quotes
“Abe's advisor Hamada is back on the wires, trying to correct the mess triggered yesterday after talking about an USD/JPY at 105.00. Today, he stated that 120.00 is an acceptable level, but if the price surges further up to 125/130, then that will widen the gap between purchasing power parity and spot rate, something undesirable.”
“The USD/JPY pair recovered from a daily low at 119.54 and approached to the 120.00 level before resuming the downside, extending its daily decline down to 119.46.”
“The 1 hour chart shows that the 200 SMA continues to cap the upside in the 119.90 level, whilst the technical indicators have turned lower in negative territory after correcting oversold readings.”
“In the 4 hours chart the indicators stand well below their mid-lines, albeit lacking directional strength at the time being, whilst the price stands below its moving averages, favoring a downward continuation particularly if the pair breaks below the 119.35 level, the immediate support.”
“Support levels: 119.35 118.90 118.50”
Resistance levels: 119.90 120.20 120.45”