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USD/JPY: recovery attempts falling short - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair fell to a new weekly low of 119.61 this Tuesday, barely below previous one and once again, bouncing back quickly from it, suggesting buyers are still waiting for dips.

Key Quotes:

"The pair recovered above the 120.00 figure but remains unable to advance, and the 1 hour chart shows that the price is stuck around its 100 and 200 SMAs, both presenting a mild negative tone. In the same chart, the technical indicators are posting tepid bounces from their mid-lines, which should keep the downside limited."

"In the 4 hours chart, the pair maintains a neutral stance, as seen on previous updates. Some follow through beyond 120.35, the immediate resistance, may lead to a continued advance up to 120.70, where the pair met selling interest earlier this week."

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