FXStreet (Barcelona) – With USD/JPY trapped in a tight range, a break above 124.10 is required to see turn the outlook to bullish, explains Valeria Bednarik, Chief Analyst at FXStreet.
Key Quotes
“The USD/JPY pair is being immune to market woes, confined to a tight intraday range. The pair has failed to regain the 124.00 level despite US strong Retail Sales figures on Thursday, leaving investors clueless about what to do next.”
“Short term, the 1 hour chart shows that the 100 SMA caps the upside with a strong bearish slope now around 123.80, whilst the technical indicators present a mild positive tone in neutral territory.”
“In the 4 hours chart, however, the upside seems a bit more constructive, with the price advancing around a bullish 100 SMA and the Momentum indicator heading higher above 100. The pair however, needs to clearly advance beyond 124.10, to be able to regain its bullish tone, and attract buying interest.“
“Support levels: 123.30 122.90 122.55”
“Resistance levels: 124.10 124.45 124.90”
(Market News Provided by FXstreet)