USD/JPY Current price: 119.84
View Live Chart for the USD/JPY
Bears still in control, 121.00 a line in the sand. The USD/JPY pair advanced up to 120.34 this Tuesday, with the Japanese yen weakening on Nikkei's recovery and Japan's PM Abe advisor, Hamada said that the country may need to ease further if Q3 GDP fails to grow. The pair however, retreated from its high and remains below the 120.00 figure, with the 1 hour chart showing that the price remains well below the 100 and 200 SMAs that maintain strong bearish slopes, whilst the technical indicators are losing their upward strength near overbought levels. In the 4 hours chart the technical indicators have corrected the extreme oversold readings reached yesterday, but are losing their upward strength well below their mid-lines, limiting chances of a stronger recovery, and maintaining the risk towards the downside. The pair needs to recover above the mentioned daily high to be able to extend its recovery up to 121.00, the 200 DMA, and a line in the sand for the latest bearish trend. Below 119.20 on the other hand, the pair will likely resume its decline, with 118.80 as the immediate support.
Support levels: 119.60 119.20 118.80
Resistance levels: 120.35 120.65 121.00
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