USD/JPY failed to extend gains above the
114.00 level today and currently is
suffering some modest losses around
113.77. Looking to the upside, a potential decisive break above 114 (daily
high), will bring next bullish target at 114.70, followed by 115.00 (the psychological
level). The downside offers supports at 113.60 (the daily low), 112.55 and
USD/JPY moved out from the
consolidation phase and extened its positive momentum further beyond the 114.00
mark. Currently the pair is trading around 114.40 and retains good
bullish stance. I expect test of the resistance at 114.75.
After marking its highest
daily close in more than year and a half at 114.53, the USD/JPY pair
plumetted and fell to its lowest level for the day at 113.64.On the four hour
time frame the price crossed to below the 20-day SMA, which has turned to
south, but meanwhile is staying above the bullish 50-day and 100-day SMAs. RSI
is looking for direction around its mid-line and stochastic is showing strong
bearish momentum. First bearish target is seen at 113.35 and the upside offers immediate
resistance at 114.75.
USD/JPY recovered today and found some fresh
buying interest around the 113.60 area. But bulls will need much more power to
conquer again the 114.00 hurdle.
USD/JPY came under a renewed selling
pressure durign the last hours and is marking its lowest level in two weeks.
The pair broke the 113.00 and how bears are aiming 122.55.