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2 Apr 2015
USD/JPY might see buying interest around 119.50 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook and key levels for USD/JPY, expecting the pair to see buying interest around 119.50 if dollar maintains its strength in the NA trade.
Key Quotes
“The USD/JPY jumped to a daily high of 119.88 on the back of positive US data, advancing above its moving averages in the hourly chart and with the indicators aiming higher above their mid-lines, supporting some additional advances towards the 120.00 level.”
“In the 4 hours chart however, the technical indicators remain below their mid-lines, whilst the price develops below their moving averages, which should keep the upside limited.”
“To the downside, the 119.50 price zone has been quite strong lately, so short term buying interest may surge on approaches to it, particularly if the dollar maintains its strength during US hours.”
“Support levels: 119.50 119.20 118.80"
“Resistance levels: 120.00 120.35 120.80”
Key Quotes
“The USD/JPY jumped to a daily high of 119.88 on the back of positive US data, advancing above its moving averages in the hourly chart and with the indicators aiming higher above their mid-lines, supporting some additional advances towards the 120.00 level.”
“In the 4 hours chart however, the technical indicators remain below their mid-lines, whilst the price develops below their moving averages, which should keep the upside limited.”
“To the downside, the 119.50 price zone has been quite strong lately, so short term buying interest may surge on approaches to it, particularly if the dollar maintains its strength during US hours.”
“Support levels: 119.50 119.20 118.80"
“Resistance levels: 120.00 120.35 120.80”