USD/JPY: stuck on a need for more data – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair failed to sustain gains above the 123.00 level, and ends the day around the 122.80 region, a handful of pips above a fresh weekly low set at 122.63.

Key Quotes:

“Weaker-than-expected US data helped the yen advancing against its American rival, although as in the case of the EUR, investors are waiting for some major economic events by the end of the week before deciding to establish a trend.

From a technical point of view, the 1 hour chart shows that the price is a few pips above its 100 and 200 SMAs, both converging around 122.80, and offering an immediate support, while the technical indicators hold below their mid-lines, with no directional strength.

In the 4 hours chart, the price is now a few pips below its 100 SMA after, whilst the technical indicators have lost their upward strength, but hold above around mid-lines.”
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Source:: FX Street