Back
19 Mar 2015
USDJPY loses key support - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, notes that we have a slightly bearish tone in USD/JPY short term with a long term bull trend still in place.
Key Quotes
"After holding key support levels on pullbacks for weeks, the USD got hammered post FOMC and the USDJPY with it, losing 2 handles in a jiffy. The intra-day lows were at 119.28, and from here we saw some strong algo buying forming a long tailed pin bar off the lows."
"For now, we have a slightly bearish tone short term with a long term bull trend in place. If the bulls want to maintain this bullish view, they'll need to hold the daily lows, so weak pullbacks there maybe bought. There is two key resistance levels ahead which were support, coming in at 120.64 and 120.31."
"Impulsive selling from here should attack today's lows and hint the bears want a little more pie. A daily close below 119.28 adds further risk for greater losses."
Key Quotes
"After holding key support levels on pullbacks for weeks, the USD got hammered post FOMC and the USDJPY with it, losing 2 handles in a jiffy. The intra-day lows were at 119.28, and from here we saw some strong algo buying forming a long tailed pin bar off the lows."
"For now, we have a slightly bearish tone short term with a long term bull trend in place. If the bulls want to maintain this bullish view, they'll need to hold the daily lows, so weak pullbacks there maybe bought. There is two key resistance levels ahead which were support, coming in at 120.64 and 120.31."
"Impulsive selling from here should attack today's lows and hint the bears want a little more pie. A daily close below 119.28 adds further risk for greater losses."