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17 Mar 2015
USD/JPY: Range bound until FOMC announcements - FXStreet
FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that USD/JPY has traded in quite a limited range this Tuesday.
Key Quotes:
"...recovering from an early deep down to 121.10, reached after Japanese deficit fell beyond expected to ¥-1,050.0B in February."
"Nevertheless, the pair remained confined to a 40 pips range, and the 1 hour chart shows that the price is stuck around a horizontal 100 SMA, while the technical indicators remain in neutral territory."
"In the 4 hours chart, the price develops well above its moving averages, but the technical indicators are also hovering around their mid-lines, giving no clues on what's next for the pair."
"The range will likely persists until the FED unveils its latest decision, with the 122.00 level as a probable immediate bullish target if the Central Bank removes the word "patient" from its statement."
Key Quotes:
"...recovering from an early deep down to 121.10, reached after Japanese deficit fell beyond expected to ¥-1,050.0B in February."
"Nevertheless, the pair remained confined to a 40 pips range, and the 1 hour chart shows that the price is stuck around a horizontal 100 SMA, while the technical indicators remain in neutral territory."
"In the 4 hours chart, the price develops well above its moving averages, but the technical indicators are also hovering around their mid-lines, giving no clues on what's next for the pair."
"The range will likely persists until the FED unveils its latest decision, with the 122.00 level as a probable immediate bullish target if the Central Bank removes the word "patient" from its statement."