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20 Apr 2015
USD/JPY muted around 118.85
FXStreet (Mumbai) - The US dollar extends its bearish bias from the last week against the Japanese counterpart, with USD/JPY trading modestly flat, as the USD bulls struggle to hold ground despite a mild rebound seen on Friday.
USD/JPY rejected at 5-DMA
Currently, the USD/JPY pair trades flat around 118.85 levels, failing an attempt to break above 119 handle. The USD/JPY pair treads water on lack of fresh triggers amid a data-thin session as the pair consolidates previous gains following upbeat US consumer sentiments data and in line with expectations CPI figures which boosted the greenback.
USD/JPY remains supported so long as it hold above 118.50 support as explained by Valeria Bednarik, Chief Analyst at FXStreet, "Technically, the 4 hours chart favors the downside, as the price extended further below its moving averages, whilst the technical indicators aim higher, but below their mid-lines."
"Shorter term, the 1 hour chart shows that the 100 SMA extended below the 200 SMA, with the shortest now offering dynamic resistance in the 119.30 region, whilst the technical indicators aim higher, but remain below their mid-lines. The pair needs to break below the 118.50 price zone to confirm additional declines towards the 116.80 price zone."
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.29 (100-DMA) levels and above which it could extend gains 119.76 (April 15 High) levels. To the downside immediate support might be located at 118.50 below that at 118.30 (March 26 Low) levels.
USD/JPY rejected at 5-DMA
Currently, the USD/JPY pair trades flat around 118.85 levels, failing an attempt to break above 119 handle. The USD/JPY pair treads water on lack of fresh triggers amid a data-thin session as the pair consolidates previous gains following upbeat US consumer sentiments data and in line with expectations CPI figures which boosted the greenback.
USD/JPY remains supported so long as it hold above 118.50 support as explained by Valeria Bednarik, Chief Analyst at FXStreet, "Technically, the 4 hours chart favors the downside, as the price extended further below its moving averages, whilst the technical indicators aim higher, but below their mid-lines."
"Shorter term, the 1 hour chart shows that the 100 SMA extended below the 200 SMA, with the shortest now offering dynamic resistance in the 119.30 region, whilst the technical indicators aim higher, but remain below their mid-lines. The pair needs to break below the 118.50 price zone to confirm additional declines towards the 116.80 price zone."
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.29 (100-DMA) levels and above which it could extend gains 119.76 (April 15 High) levels. To the downside immediate support might be located at 118.50 below that at 118.30 (March 26 Low) levels.