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29 Jul 2015
USD/JPY: FOMC to boost to take profit zone? - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY recovered some ground this Tuesday, surging to a daily high of 123.78, before tepid US data pushed it slightly lower, closing the day, however, in the green.
Key Quotes:
"The pair remained confined within Monday's range and while the long term picture is bullish, as the daily chart shows that the price remains well above its moving averages whilst the technical indicators head north above their mid-lines, the intraday outlook remains neutral. In the 1 hour chart, the price has failed to advance beyond its 100 SMA, currently around 123.70, whilst the technical indicators stand horizontal above their mid-lines, lacking directional strength."
"In the 4 hours chart, the technical indicators aim slightly higher around their mid-lines, whilst the price is above its 100 and 200 SMAs, both converging around 123.25, signaling the absence of a dominant trend. The pair may get a boost from a hawkish FED, although investors may choose to take profits out if the price reaches 124.45, the level that has contained the upside for the last 2-months."
Key Quotes:
"The pair remained confined within Monday's range and while the long term picture is bullish, as the daily chart shows that the price remains well above its moving averages whilst the technical indicators head north above their mid-lines, the intraday outlook remains neutral. In the 1 hour chart, the price has failed to advance beyond its 100 SMA, currently around 123.70, whilst the technical indicators stand horizontal above their mid-lines, lacking directional strength."
"In the 4 hours chart, the technical indicators aim slightly higher around their mid-lines, whilst the price is above its 100 and 200 SMAs, both converging around 123.25, signaling the absence of a dominant trend. The pair may get a boost from a hawkish FED, although investors may choose to take profits out if the price reaches 124.45, the level that has contained the upside for the last 2-months."