Wednesday , February 21 2018
Home / Blogs / USD/JPY capped below 20-dma, further upside only on break above

USD/JPY capped below 20-dma, further upside only on break above

USD/JPY capped below 20-dma, further upside only on break above

  • USD/JPY struggles at 20-DMA resistance at 110.26, intraday bias neutral.
  • US dollar came under renewed selling pressure amid a retreat in Treasury yields.
  • The pair hit 9-day high of 110.48 on Friday after upbeat NFP which rose 200k in Jan, beating expectations of 180k.
  • However, the pair pared gains to close lower after safe demand for yen shot up as US stocks fell spooked by Yellen’s comments.
  • Technically, the pair was capped at stiff resistance at 20-DMA and we see further upside only on break above.
  • Rejection at 20-DMA could see test of channel base at 109.65 and then 78.6% Fib at 108.90.
  • On the flipside, breakout above 20-DMA will raise scope for test of 200-DMA at 111.70.

Support levels – 109.65 (Channel base), 109.50 (5-DMA), 108.90 (78.6% Fib retrace of 107.318 to 114.737 rally)

Resistance levels – 110.26 (20-DMA), 110.48 (Feb 2 high), 111

Recommendation: Prefer to wait for clear directional bias.

 

Source: FXWire Technicals

 

About Makkaba Co., Ltd.

Makkaba Co., Ltd.

Hotline: (+84)(0) 904935786; Tel.: (+84) (0)28.35208726
Email: m2mtradingsignals@gmail.com - Phone:

Check Also

Another wild day for U.S. markets

Another wild day for U.S. markets It was another wild day for American markets, U.S. …

Americas roundup; Dollar surrenders gains on inflation data, Gold rebounds, Wall street rally, Oil rallies after U.S. inventory data, Saudi remarks-february 15th 2018

Americas roundup; Dollar surrenders gains on inflation data, Gold rebounds, Wall street rally, Oil rallies …

Leave a Reply

Your email address will not be published. Required fields are marked *