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2 Jan 2015
USD/JPY above 120 again
FXStreet (London) - USD/JPY has managed to push above 120 again, trading at 120.06, up 0.24% on the day.
In a move similar to a bout of euro weakening at the same time, yen weakened sharply against the dollar, to send the pair above $120. With Japan and China on holiday, and no data scheduled, the move may be considered a technical push in both pairs, with multi year euro lows in sight and the 120 a visible target for the yen.
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bulish.
Currently RSI is at 74.79, up from the last hourly print at 66.36, with ADX at 37.04, up from its previous close at 24.06. Looking to a daily chart, we see that RSI is neutral at 56.35.
Looking to momentum indicators, the hourly 200 SMA is currently at 119.64, down from the last close at 120.10 and declining.On average, the exponential closing price for the past 20 days is 119.34, with the trend indicating a continuation higher ahead.
2-Standard Deviation Volatility Bandwidth is presently at 40 pips and shrinking on the hourly USD/JPY chart, while the ATR (14) is currently at 3 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 459 pips and expanding.
USD/JPY Levels
Current price is 120.08, with resistance ahead at 120.10 (Hourly 200 SMA), 120.11 (Daily High), 120.36 (Weekly Classic R1), 120.36 (Weekly Classic R2) and 120.36 (Weekly Classic R3). To the downside we see next support at 120.01 (Hourly 100 SMA), 119.93 (Yesterday's High), 119.82 (Daily Open), 119.82 (Daily Classic R1) and 119.82 (Daily Classic R2).
In a move similar to a bout of euro weakening at the same time, yen weakened sharply against the dollar, to send the pair above $120. With Japan and China on holiday, and no data scheduled, the move may be considered a technical push in both pairs, with multi year euro lows in sight and the 120 a visible target for the yen.
The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bulish.
Currently RSI is at 74.79, up from the last hourly print at 66.36, with ADX at 37.04, up from its previous close at 24.06. Looking to a daily chart, we see that RSI is neutral at 56.35.
Looking to momentum indicators, the hourly 200 SMA is currently at 119.64, down from the last close at 120.10 and declining.On average, the exponential closing price for the past 20 days is 119.34, with the trend indicating a continuation higher ahead.
2-Standard Deviation Volatility Bandwidth is presently at 40 pips and shrinking on the hourly USD/JPY chart, while the ATR (14) is currently at 3 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 459 pips and expanding.
USD/JPY Levels
Current price is 120.08, with resistance ahead at 120.10 (Hourly 200 SMA), 120.11 (Daily High), 120.36 (Weekly Classic R1), 120.36 (Weekly Classic R2) and 120.36 (Weekly Classic R3). To the downside we see next support at 120.01 (Hourly 100 SMA), 119.93 (Yesterday's High), 119.82 (Daily Open), 119.82 (Daily Classic R1) and 119.82 (Daily Classic R2).