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16 Mar 2015
USD/JPY bounces at 121.15 again; however 121.30 is too much
FXStreet (Tokyo) - The US dollar is trading lower against the Japanese yen but after falling 20 pips from 121.35, the USD/JPY found support at 121.15. However, the bounce was short-lived as it was sold again at 121.30.
Currently, USD/JPY is trading at 121.24, down 0.12% on the day, having posted a daily high at 121.46 and low at 121.16. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/JPY forecast
According to the FXStreet Forecast Poll, EUR/USD banks bet on a bottom, traders on parity. "A large majority is favoring an upward corrective movement towards 1.10 in a 1-month."
However, Anil Panchal from Admiral Markets says that a "sustained break of 1.1000 mark, coupled with stronger USD," will continue "supporting EURUSD decline." In this line, Yohay Elam from Forexcrunch affirms that the "1.05 still provides some support."
US dollar to Yen exchange rate levels
Earlier today, 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)."
On the technical view, the 20-hour MA level just crossed below the 50-hour MA at 121.30. On levels, the mentioned 121.30 offers the first resistance, then 121.50 and 121.60. 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 121.24, down 0.12% on the day, having posted a daily high at 121.46 and low at 121.16. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/JPY forecast
According to the FXStreet Forecast Poll, EUR/USD banks bet on a bottom, traders on parity. "A large majority is favoring an upward corrective movement towards 1.10 in a 1-month."
However, Anil Panchal from Admiral Markets says that a "sustained break of 1.1000 mark, coupled with stronger USD," will continue "supporting EURUSD decline." In this line, Yohay Elam from Forexcrunch affirms that the "1.05 still provides some support."
US dollar to Yen exchange rate levels
Earlier today, 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)."
On the technical view, the 20-hour MA level just crossed below the 50-hour MA at 121.30. On levels, the mentioned 121.30 offers the first resistance, then 121.50 and 121.60. To the downside, supports are at 121.15, 121.00 and the 200-hour MA level of 120.90.