12 May 2015
USD/JPY: lack of direction confirmed by flat MA's - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted the trading conditions surrounding the Yen for the start of the US session this week leading in to Asia today.
Key Quotes:
"The USD/JPY pair traded within a 40 pips range, stuck around the 120.00 level by the end of the US session. US 10Y yields surged 4.42% on the day, up to 2.24%, supporting dollar's gains against its Japanese rival, although investors are still reluctant to buy at current levels, as the pair has been unable to advance beyond it for over a month already."
"Technically, the 1 hour chart shows that the price stands above its 100 and 200 SMAs, both in the 119.70 region, whilst the Momentum indicator stands directionless above its 100 level and the RSI aims higher around 63."
"In the 4 hours chart , the pair has advanced above its moving averages that anyway remain horizontal, which reflects the lack of a clear trend. In this last chart, the Momentum indicator turned lower above the 100 level, albeit the RSI indicator heads strongly higher around 59, supporting some short term gains towards the immediate short term resistance at 120.45."
Key Quotes:
"The USD/JPY pair traded within a 40 pips range, stuck around the 120.00 level by the end of the US session. US 10Y yields surged 4.42% on the day, up to 2.24%, supporting dollar's gains against its Japanese rival, although investors are still reluctant to buy at current levels, as the pair has been unable to advance beyond it for over a month already."
"Technically, the 1 hour chart shows that the price stands above its 100 and 200 SMAs, both in the 119.70 region, whilst the Momentum indicator stands directionless above its 100 level and the RSI aims higher around 63."
"In the 4 hours chart , the pair has advanced above its moving averages that anyway remain horizontal, which reflects the lack of a clear trend. In this last chart, the Momentum indicator turned lower above the 100 level, albeit the RSI indicator heads strongly higher around 59, supporting some short term gains towards the immediate short term resistance at 120.45."