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19 May 2014
USD/JPY going nowhere fast as range prevails
FXStreet (Bali) - USD/JPY trades steady near 101.50, extending its 101.30-60 range established since May 15.
Technically, according to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly chart shows a pretty neutral technical stance amid the limited range that left indicators flat around their midlines, with 100, 200 SMAs above current price, in the 101.90 area, which keeps the pressure to the downside."
In the 4 hours chart, Valeria added: "Indicators aim higher still in negative territory, meaning some further confirmation is required to confirm a new leg lower, looking then for a break below 101.20 this year lows."
Technically, according to Valeria Bednarik, Chief Analyst at FXStreet: "The hourly chart shows a pretty neutral technical stance amid the limited range that left indicators flat around their midlines, with 100, 200 SMAs above current price, in the 101.90 area, which keeps the pressure to the downside."
In the 4 hours chart, Valeria added: "Indicators aim higher still in negative territory, meaning some further confirmation is required to confirm a new leg lower, looking then for a break below 101.20 this year lows."