23 Dec 2015
USD/JPY: Sellers pressing south below 122.00
FXStreet (Bali) - USD/JPY has made a tepid 10/15 move down from just above 122.00 to find some bids at session lows of 121.90, following a torrid Asian session, with Japanese markets closure today, in celebration of the Emperor's birthday, making conditions even more subdued.
As Valeria Bednarik, Chief Analyst at FXStreet, notes: "The pair has been developing a tepid bearish continuation ever since the Bank of Japan announced some changes to its facilities program, in a desperate attempt of boosting inflation, which resulted in a strong Japanese yen rally across the board."
As per the short term picture, Valeria continues to endorse the bearish case as the price remains well below its 100 and 200 SMA. In the 4 hours chart, Valeria observes that "the bearish potential remains intact as the 100 SMA is accelerating below the 200 SMA, both well above the current level, while he Momentum indicator is turning south below the 100 level."
In view of FXStreet Chief Analyst, key levels of support for the day can be found at 120.70, 120.35, 119.90, while resistance levels at 121.40, 121.70, 122.20.
As Valeria Bednarik, Chief Analyst at FXStreet, notes: "The pair has been developing a tepid bearish continuation ever since the Bank of Japan announced some changes to its facilities program, in a desperate attempt of boosting inflation, which resulted in a strong Japanese yen rally across the board."
As per the short term picture, Valeria continues to endorse the bearish case as the price remains well below its 100 and 200 SMA. In the 4 hours chart, Valeria observes that "the bearish potential remains intact as the 100 SMA is accelerating below the 200 SMA, both well above the current level, while he Momentum indicator is turning south below the 100 level."
In view of FXStreet Chief Analyst, key levels of support for the day can be found at 120.70, 120.35, 119.90, while resistance levels at 121.40, 121.70, 122.20.