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17 Apr 2015
USD/JPY back on to 119 handle; where next?
FXStreet (Guatemala) - USD/JPY is currently trading at 118.93 with a high of 119.27 and a low of 118.56.
USD/JPY is back off the lows at 118.55 and on to the 119 handle as the greenback makes some traction after a week of supply and doubts around the progress of the US economy which had the Yen staging a recovery across the board. Meanwhile, the week is coming to a close, positions are being squared up as there have been some major moves in the market and profits to be taken off the table, especially as positive data ends the week for the US economy. CPI's were relatively in line and consumer sentiment positive despite the wash of negativity of late around the US economy.
Technically, we are within ranges within ranges in the range bound major. There is no break out as of yet one way of the other and positioning back in to the 119's leaves us with little direction to work with. However, it is evident that the near term risks are to the downside and below 118.79 would cause the chart picture to deteriorate somewhat towards the 118.33 March 26 low and then the February low at 116.64 as noted by Karen Jones, chief analyst at Commerzbank.
USD/JPY is back off the lows at 118.55 and on to the 119 handle as the greenback makes some traction after a week of supply and doubts around the progress of the US economy which had the Yen staging a recovery across the board. Meanwhile, the week is coming to a close, positions are being squared up as there have been some major moves in the market and profits to be taken off the table, especially as positive data ends the week for the US economy. CPI's were relatively in line and consumer sentiment positive despite the wash of negativity of late around the US economy.
Technically, we are within ranges within ranges in the range bound major. There is no break out as of yet one way of the other and positioning back in to the 119's leaves us with little direction to work with. However, it is evident that the near term risks are to the downside and below 118.79 would cause the chart picture to deteriorate somewhat towards the 118.33 March 26 low and then the February low at 116.64 as noted by Karen Jones, chief analyst at Commerzbank.