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3 Mar 2015
USD/JPY extends pullback below 119.50
FXStreet (Córdoba) - The pullback of the USD/JPY from above 120.00, extended to fresh daily lows at the beginning of the American session, as the dollar weakened broadly.
USD/JPY broke below the 119.55 area and dipped below the 100-hour SMA to hit a low of 119.38 in recent dealings. At time of writing, the pair is trading at 119.45, recording a 0.54% loss on the day, with a better-than-expected IBD/TIPP Economic Optimism index reading having little impact on the greenback.
USD/JPY technical perspective
“In the 4 hours chart the indicators are heading lower and approaching their midlines, which means a break below 119.40 support is required to confirm the bearish extension, eyeing then the 118.80 price zone”, said Valeria Bednarik, chief analyst at FXStreet.
Below 119.40, Bednarik, locates next support levels at 118.80 and 118.50, while she places resistances at 119.95, 120.45 and 120.90.
USD/JPY broke below the 119.55 area and dipped below the 100-hour SMA to hit a low of 119.38 in recent dealings. At time of writing, the pair is trading at 119.45, recording a 0.54% loss on the day, with a better-than-expected IBD/TIPP Economic Optimism index reading having little impact on the greenback.
USD/JPY technical perspective
“In the 4 hours chart the indicators are heading lower and approaching their midlines, which means a break below 119.40 support is required to confirm the bearish extension, eyeing then the 118.80 price zone”, said Valeria Bednarik, chief analyst at FXStreet.
Below 119.40, Bednarik, locates next support levels at 118.80 and 118.50, while she places resistances at 119.95, 120.45 and 120.90.