The Dollar
versus the Yen has not been able to give confirmation of the breakout of the
124.00 level and it keeps oscillating around that round number level. The 55
period exponential moving average (purple line), around the 123.63 level has
acted as a good support and the price bounces from that zone to the upside. If
the price continues going higher, then the 125.00 level may act as a
resistance, especially when the Bank of Japan has said that it will intervene
if the USD/JPY touches the 125.00. Do the downside, the 200 period exponential
moving average (blue line) may also act as a support, which is very close to
the 123.00 round number level.
Very quiet trading day for this pair today.
ReplyDeleteIt's testing 124.00 level again.
ReplyDeleteIt failed to break 124.20 again. Consolidation will probably continue for a while.
ReplyDeleteVery good analysis, well done!
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteVery useful post.
ReplyDeleteInformative, thank you!
ReplyDelete