USD/JPY: 123.65 is key support on bears 4hrs sticks – FXStreet

FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet noted that USD/JPY surged to a fresh multi-year high of 124.45, before profit taking send it back below the 124.00 level.

Key Quotes:

“Hovering around this last, Japan will release its National and Tokyo inflation figures during the upcoming Asian session, which may trigger additional advances in the pair, as they are expected generally lower, compared to the previous month.”

“From a technical point of view, the 1 hour chart shows that the 100 and the 200 SMAs, maintain their strong bullish slopes below the current level, with the shortest acting as dynamic support around 122.70.”

“In the same chart, the indicators have turned sharply higher, but remain in negative territory, limiting the upside at the time being.”

“In the 4 hours chart, the technical indicators head sharply lower from overbought levels, supporting a downward corrective movement particularly if the price breaks below 123.65 the immediate support.”

Valeria Bednarik, chief analyst at FXStreet noted that USD/JPY surged to a fresh multi-year high of 124.45, before profit taking send it back below the 124.00 level.

(Market News Provided by FXstreet)