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16 Dec 2014
USD/JPY extends its losses today – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, notes that the USD/JPY pair extended its losses today to trade now around the 117.33 handle, near the 117.235 support.
Key Quotes
“The USD/JPY pair finished lower on Monday at 117.72 levels, after it failed to sustain gains above the 5-DMA located at 118.61 levels. The losses have been extended today as the pair trades at 117.33; a few pips away from the support on the daily chart at 117.235.”
“Meanwhile, on the hourly chart, a bullish Price-RSI divergence is seen. Hence, the pair may re-test 117.80 levels before resuming its downtrend.”
“Moreover, the Positive divergence would fail if the pair dips below 117.12 levels, thereby pushing the daily RSI below 50.00. In such a case, the pair is likely to test 116.20 levels on the downside.”
Key Quotes
“The USD/JPY pair finished lower on Monday at 117.72 levels, after it failed to sustain gains above the 5-DMA located at 118.61 levels. The losses have been extended today as the pair trades at 117.33; a few pips away from the support on the daily chart at 117.235.”
“Meanwhile, on the hourly chart, a bullish Price-RSI divergence is seen. Hence, the pair may re-test 117.80 levels before resuming its downtrend.”
“Moreover, the Positive divergence would fail if the pair dips below 117.12 levels, thereby pushing the daily RSI below 50.00. In such a case, the pair is likely to test 116.20 levels on the downside.”