FXStreet (Bali) – USD/JPY has been sent towards 120.45/50 resistance on USD broad-based strength in Asia, briefly breaking a line of liquidity at 120.44, which corresponds to last US highs.
Valeria Bednarik, Chief Analyst at FXStreet, notes: “Technically, the USD/JPY pair continues to present a strong downward potential, albeit buyers have been defending the 120.00 psychological figure.”
“Nevertheless and in the daily chart, the technical indicators have failed to advance beyond their mid-lines and resumed their declines within bearish territory, as the price moved further below its 100 and 200 DMAs, in line with further declines.”
“In the 4 hours chart the technical outlook is also bearish, as the price is well below a strongly bearish 100 SMA, and the technical indicators maintain their bearish slopes below their mid-lines.
(Market News Provided by FXstreet)