1 May 2015
USD/JPY bearish sentiment weakening – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team see an upside risk for USD/JPY, with bearish sentiment weakening as the pair broke through recent highs.
Key Quotes
“The USD/JPY is rising today despite slightly higher-than-expected CPI reading. Our short position is under threat as the rate broke above resistance levels between recent highs. The next resistance levels are psychological barrier at 120.00 and 120.10 high on April 23.”
“The USD/JPY reaction to worse-than-expected U.S. figures on Wednesday and on-hold BOJ on Thursday was short-lived which suggests weakening bearish sentiment and increases a risk of further USD/JPY rises.”
“Resistance: 120.00 (psychological barrier), 120.10 (high Apr 23), 120.17 (high Apr 14)”
“Support: 118.75 (hourly low Apr 30), 118.50 (low Apr 30), 118.33 (low Mar 26)”
Key Quotes
“The USD/JPY is rising today despite slightly higher-than-expected CPI reading. Our short position is under threat as the rate broke above resistance levels between recent highs. The next resistance levels are psychological barrier at 120.00 and 120.10 high on April 23.”
“The USD/JPY reaction to worse-than-expected U.S. figures on Wednesday and on-hold BOJ on Thursday was short-lived which suggests weakening bearish sentiment and increases a risk of further USD/JPY rises.”
“Resistance: 120.00 (psychological barrier), 120.10 (high Apr 23), 120.17 (high Apr 14)”
“Support: 118.75 (hourly low Apr 30), 118.50 (low Apr 30), 118.33 (low Mar 26)”