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3 Mar 2015
USD/JPY: Upside view point; although lack of momentum
FXStreet (Guatemala) - USD/JPY is currently trading at 120.14 with a high of 120.27 and a low of 120.12.
USD/JPY is strong when in the high 119's area but the pair is only holding on to the 120 handle by the skin of its teeth, with little conviction as Tokyo doesn't take the bait and forces the pair onto support in the low 'teens'. The rally from 119.70 was impressive though in the early stages of the US shift, forcing its way up to test the barrier of the psychological level and scoring high ahed of Feb highs.
However, we remain in the same ranges as a range pound pair, and until there is a convincing break, bets are on for softness to persist. However, to the upside and through next resistance at the February high at 120.48 and ahead of the 121.86 December high, Karen Jones, chief analyst at Commerzbank explained that there is a 13 count on the monthly chart at 122.45 15 year downtrend,"This is extremely tough resistance." Valeria Bednarik, chief analyst at FXStreet emphasised immediate headwinds also, "In the 4 hours chart the price stands well above its moving averages although the Momentum indicator heads lower towards its mid-line, and the RSI holds around 70, suggesting a downward corrective movement is likely, particularly if the pair eases back below the 119.95 level."
USD/JPY is strong when in the high 119's area but the pair is only holding on to the 120 handle by the skin of its teeth, with little conviction as Tokyo doesn't take the bait and forces the pair onto support in the low 'teens'. The rally from 119.70 was impressive though in the early stages of the US shift, forcing its way up to test the barrier of the psychological level and scoring high ahed of Feb highs.
However, we remain in the same ranges as a range pound pair, and until there is a convincing break, bets are on for softness to persist. However, to the upside and through next resistance at the February high at 120.48 and ahead of the 121.86 December high, Karen Jones, chief analyst at Commerzbank explained that there is a 13 count on the monthly chart at 122.45 15 year downtrend,"This is extremely tough resistance." Valeria Bednarik, chief analyst at FXStreet emphasised immediate headwinds also, "In the 4 hours chart the price stands well above its moving averages although the Momentum indicator heads lower towards its mid-line, and the RSI holds around 70, suggesting a downward corrective movement is likely, particularly if the pair eases back below the 119.95 level."