3 Feb 2015
USD/JPY levels exposed to the downside
FXStreet (Guatemala) - USD/JPY is currently trading at 117.59 with a high of 117.72 and a low of 117.54.
USD/JPY is leaning to the downside, with the 117.00 level in its sights amongst plenty of uncertainty this week. Technically, the pair is trading within familiar ranges although, Valeria Bednarik, chief analyst at FXStreet, explained that further declines below 117.00 should boost the decline towards 116.60, followed later by the 116.20 price zone. There after, chief analyst at Commerzbank, Karen Jones, explained a key level and a loss of 115.50 would introduce scope for a retracement towards 113.50/111.55, but said the Elliott wave count is currently suggesting that 115.50 will hold. Fundamentally this week, we await the US data on Friday in the form of Nonfarm Payrolls.
USD/JPY is leaning to the downside, with the 117.00 level in its sights amongst plenty of uncertainty this week. Technically, the pair is trading within familiar ranges although, Valeria Bednarik, chief analyst at FXStreet, explained that further declines below 117.00 should boost the decline towards 116.60, followed later by the 116.20 price zone. There after, chief analyst at Commerzbank, Karen Jones, explained a key level and a loss of 115.50 would introduce scope for a retracement towards 113.50/111.55, but said the Elliott wave count is currently suggesting that 115.50 will hold. Fundamentally this week, we await the US data on Friday in the form of Nonfarm Payrolls.