FxWirePro: USD/JPY back above 117 handle, recovery in oil supports
Thursday, January 21, 2016 4:05 AM UTC
- USD/JPY saw an impressive 150-pips vertical rise from Wednesday's lows at 115.97 to session highs on the day at 117.45.
- USD bulls manages to regain control as risk-on sentiment returned to markets on the back of a recovery in oil prices.
- However, a much stronger yuan fix, keeps a check on the prices, recovery in the pair loses steam, pair now slightly lower at 117.27.
- A close above 116.50 (strong trendline support) supports further gains, Technicals are turning positive.
- After whiplashes around the 20 line, daily Stochs have managed to hold above and bounce off the 20 line on Wednesday, converge positively with RSI and MACD indicators.
- Immediate support is seen around 116.66 (Jan 18 lows), while the next hurdle on the upside aligns at 117.43 (Jan 18 highs).
Recommendation: Wait for close above 5-DMA to go long
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