12 Aug 2015
USD/JPY: Techs support a test of 125.85 year high - FXStreet
FXStreet (Bali) - Technical indicators in USD/JPY maintain a strong bullish tone, notes Valeria Bednarik, Chief Analyst at FXStreet, supporting a retest of 125.85, the year high established last June.
Key Quotes
"The USD/JPY pair broke above the 125.00 level mid American afternoon and extended up to 125.20 amid dollar's strength and despite stocks have been nose-diving all across the board ever since Chinese decision to intervene the Yuan."
"The pair remains near the high ahead of the Asian opening, with short term buyers now surging on approaches to the 125.00 level."
"Technically, the 1 hour chart shows that the price continues developing above its moving average, with the 100 SMA now offering a dynamic support around 124.60 and the technical indicators losing their upward momentum near overbought levels."
"In the 4 hours chart, however, the technical indicators maintain a strong bullish tone, heading higher well above their mid-lines, supporting a retest of 125.85, the year high established last June."
Key Quotes
"The USD/JPY pair broke above the 125.00 level mid American afternoon and extended up to 125.20 amid dollar's strength and despite stocks have been nose-diving all across the board ever since Chinese decision to intervene the Yuan."
"The pair remains near the high ahead of the Asian opening, with short term buyers now surging on approaches to the 125.00 level."
"Technically, the 1 hour chart shows that the price continues developing above its moving average, with the 100 SMA now offering a dynamic support around 124.60 and the technical indicators losing their upward momentum near overbought levels."
"In the 4 hours chart, however, the technical indicators maintain a strong bullish tone, heading higher well above their mid-lines, supporting a retest of 125.85, the year high established last June."