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2 Jun 2015
USD/JPY: Bearish below 125.00 - FXStreet
FXStreet (Guatemala) - Omkar Godbole, Editor and Analyst noted the technical conditions surrounding USD/JPY on the 4-hour chart.
Key Quotes:
"The pair currently trades at 124.04. The immediate support is located at 123.47 (23.6% Fib R of 118.88‐124.90), followed by 122.60 (38.2% Fib R of 118.88‐124.90).
A bearish RSI divergence is seen, which indicates doors are open for a sell‐off to 123.47‐123.00 levels
An hourly close below 124.44 could see fresh offers leading to a quick drop to 123.47‐123.0 levels.
On the other hand, a break above 124.44 could see the pair re‐test 124.80 levels. However, the bearish view remains intact so long as the pair trades below 125.00 levels."
Key Quotes:
"The pair currently trades at 124.04. The immediate support is located at 123.47 (23.6% Fib R of 118.88‐124.90), followed by 122.60 (38.2% Fib R of 118.88‐124.90).
A bearish RSI divergence is seen, which indicates doors are open for a sell‐off to 123.47‐123.00 levels
An hourly close below 124.44 could see fresh offers leading to a quick drop to 123.47‐123.0 levels.
On the other hand, a break above 124.44 could see the pair re‐test 124.80 levels. However, the bearish view remains intact so long as the pair trades below 125.00 levels."