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25 Feb 2015
USD/JPY consolidates below 119.00 as Yellen testifies
FXStreet (Córdoba) - USD/JPY failed to hold gains and is back trading at the 118.90 area after a brief appearance above 119.00 as Federal Reserve Chair repeats yesterday’s introductory statement before the US Congress.
The dollar is showing mute reaction to Yellen so far, as investors await Q&A session to see if she could offer something new. USD/JPY peaked at 119.05 but quickly pulled back and it is currently trading around 118.90, virtually unchanged on the day.
USD/JPY technical levels
“The 1 hour chart shows that the price extends above its 100 and 200 SMAs while indicators head higher above their midlines, supporting additional advances in the short term, albeit some follow through beyond the 119.40 level is required to confirm a stronger advance”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical picture is neutral to bullish, as the price found intraday support in a bullish 10 SMA, but indicators lack directional strength”.
The dollar is showing mute reaction to Yellen so far, as investors await Q&A session to see if she could offer something new. USD/JPY peaked at 119.05 but quickly pulled back and it is currently trading around 118.90, virtually unchanged on the day.
USD/JPY technical levels
“The 1 hour chart shows that the price extends above its 100 and 200 SMAs while indicators head higher above their midlines, supporting additional advances in the short term, albeit some follow through beyond the 119.40 level is required to confirm a stronger advance”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical picture is neutral to bullish, as the price found intraday support in a bullish 10 SMA, but indicators lack directional strength”.