USDJPY struggles to break outside cloud

6 May, 2015

USDJPY has been in a range since mid-March between 118.32 and 120.83. Immediate support is provided by the 38.2 Fibonacci retracement level of the upleg from 115.84 to 122.01. This level comes in at 119.65. Below this the 100-day moving average will likely be good support at 119.36.

USDJPY attempted to break out of the daily Ichimoku cloud but has been unable to close above it, meaning that the intra-day bias may not be as bullish. The falling RSI also indicates the weakening of the recent upside momentum in prices. A move below the 100-day moving average (119.36) would bring the bears back into play.


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