Back
9 Apr 2015
USD/JPY approaching key resistance territory
FXStreet (Guatemala) - USD/JPY is currently trading at 120.66 with a high of 120.68 and a low of 119.85.
USD/JPY bids are coming in on the mid point of the 120 handle and leaves the major in positive territory, exceeding this week's highs and approaching on key technical levels for the December high at 120.82. The greenback has found renewed strength on a hawkish FOMC minutes that brings back the June timing for a rate hike in to play again. However, the recent NFP's disappointment sets the scene for possibly further misses on forthcoming data and bulls may be cautious at these levels on the 102 handle, with decent offers and corporate hedging territory approaches. On the other hand, while the Nikkei remains on a god run, support should continue to play out for the major unit.
Technically, a rise and daily chart close above the 120.82 late December high would indicate, though, that a low was formed at 118.33 in March and that the December and March highs at 121.86/122.04 are to be retested, as suggested by Karen jones, chief analyst at Commerzbank.
USD/JPY bids are coming in on the mid point of the 120 handle and leaves the major in positive territory, exceeding this week's highs and approaching on key technical levels for the December high at 120.82. The greenback has found renewed strength on a hawkish FOMC minutes that brings back the June timing for a rate hike in to play again. However, the recent NFP's disappointment sets the scene for possibly further misses on forthcoming data and bulls may be cautious at these levels on the 102 handle, with decent offers and corporate hedging territory approaches. On the other hand, while the Nikkei remains on a god run, support should continue to play out for the major unit.
Technically, a rise and daily chart close above the 120.82 late December high would indicate, though, that a low was formed at 118.33 in March and that the December and March highs at 121.86/122.04 are to be retested, as suggested by Karen jones, chief analyst at Commerzbank.