USD/JPY: 200 hourly pressuring into consolidation – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that the USD/JPY pair advanced up to 120.22, a fresh 6-day, as risk appetite took over financial markets, following an advance in Chinese stocks.

Key Quotes:

“The pair however, was unable to extend its gains beyond the high posted early Europe, and retreated back below the 120.00 figure, where it consolidated for most of the American session.”

“The 1 hour chart shows that the pair found selling interest around a horizontal 200 SMA, although it later held above the 100 SMA, currently around 119.65, the immediate support.”

“In the same chart, the Momentum indicator is turning slightly lower near overbought levels, whilst the RSI indicator holds near 60, lacking upward strength, but far from suggesting a downward movement. In the 4 hours chart the technical indicators maintain their positive tone above their mid-lines, yet the pair needs to extend beyond 120.40, the 50% retracement of the latest weekly slump, to be able to extend its gains towards the 121.00 region.”
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Source:: FX Street