Back
16 Mar 2015
USD/JPY attempts a break above 121.30, MA 20 and 50 hours
FXStreet (Tokyo) - The USD/JPY is finally extending its bounce from 121.15 as the pair is attempting to break above the 20 and 50 hours MA levels confluence.
Currently, USD/JPY is trading at 121.31, down 0.06% on the day, having posted a daily high at 121.46 and low at 121.16. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is, however, slightly bearish yet.
USD/JPY forecast
According to the USDJPY FXStreet Forecast Poll, it seems that the failure around 122.00 has changed the sentiment towards the pair, "now seen for the most bearish." Jameel Ahmad from FXTM favors a USD/JPY "consolidating in the short-term, with the prospects more bullish as we approach the time for the Federal Reserve to begin raising US interest rates."
In the same line, Yohay Elam from ForexCrunch says the USD/JPY is "set to gradually rise on US hike expectations." The #FXpoll sees 121.64 as 1-week target; 120.20 in 1 month and 122.02 in the three months windows.
US dollar to Yen exchange rate levels
As said before, Mike Paterson from ForexLive reported two big option expiries at the NY cut for the USD/JPY: "120.50 (USD 936m) 121.50 (USD 485m).
If the pair consolidates levels above the 20 and 50 hours MA at 121.30, the USD/JPY will find resistances at 121.40, 121.55 and 121.65. To the downside, supports are at 121.15, 121.00 and the 200-hour MA level of 120.90.
Currently, USD/JPY is trading at 121.31, down 0.06% on the day, having posted a daily high at 121.46 and low at 121.16. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is, however, slightly bearish yet.
USD/JPY forecast
According to the USDJPY FXStreet Forecast Poll, it seems that the failure around 122.00 has changed the sentiment towards the pair, "now seen for the most bearish." Jameel Ahmad from FXTM favors a USD/JPY "consolidating in the short-term, with the prospects more bullish as we approach the time for the Federal Reserve to begin raising US interest rates."
In the same line, Yohay Elam from ForexCrunch says the USD/JPY is "set to gradually rise on US hike expectations." The #FXpoll sees 121.64 as 1-week target; 120.20 in 1 month and 122.02 in the three months windows.
US dollar to Yen exchange rate levels
As said before, Mike Paterson from ForexLive reported two big option expiries at the NY cut for the USD/JPY: "120.50 (USD 936m) 121.50 (USD 485m).
If the pair consolidates levels above the 20 and 50 hours MA at 121.30, the USD/JPY will find resistances at 121.40, 121.55 and 121.65. To the downside, supports are at 121.15, 121.00 and the 200-hour MA level of 120.90.