USD/JPY a sell on rallies?

By FXstreet.com | July 09, 2014 AAA

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained a recovery attempt in THE USD/JPY stalled at 101.85 where price found its 100 SMA in the hourly chart, and quickly turned south back below 101.60.



Key Quotes:



“The hourly chart shows an increasing bearish momentum coming from indicators heading south below their midlines, while the 4 hours chart shows indicators also turning south in negative territory, and price well below moving averages”.



“Immediate support still stands at 101.20 and once broken, a retest of the year low around 100.70 seems likely. Advances are seen as selling opportunities, up to 102.35 price zone”.



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