FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair fell to a new weekly low of 119.61 this Tuesday, barely below previous one and once again, bouncing back quickly from it, suggesting buyers are still waiting for dips.
Key Quotes:
“The pair recovered above the 120.00 figure but remains unable to advance, and the 1 hour chart shows that the price is stuck around its 100 and 200 SMAs, both presenting a mild negative tone. In the same chart, the technical indicators are posting tepid bounces from their mid-lines, which should keep the downside limited.”
“In the 4 hours chart, the pair maintains a neutral stance, as seen on previous updates. Some follow through beyond 120.35, the immediate resistance, may lead to a continued advance up to 120.70, where the pair met selling interest earlier this week.”
(Market News Provided by FXstreet)