28 Apr 2015
USD/JPY bulls commitment tested here at 118.80 key support
FXStreet (Guatemala) - USD/JPY is currently trading at 118.90 with a high of 119.20 and a low of 118.78.
USD/JPY is better offered as the momentum has picked up on the downside again post continued shunning of the greenback ahead of the FOMC this week. The markets are re-evaluating the need for an "early" hike from the Fed this year and pricing in the postponement of such a move based on data that continues to disappoint. The miss this time was the consumer confidence for April that came in at 95.2 vs 102.5 expected and lower than pervious 101.4. The big one though will be Q1 GDP readings tomorrow.
Technically, we are treading on thin ice at key support of the recent range at 118.80. Should this hold, sideways price action might be expected in a consolidation phase between here and 119.40/50. On a wider analyses, analysts at UOB Group explained, "Only a break out of the expected 118.30/120.10 consolidation range would indicate the start of a sustained mid-term move."
USD/JPY is better offered as the momentum has picked up on the downside again post continued shunning of the greenback ahead of the FOMC this week. The markets are re-evaluating the need for an "early" hike from the Fed this year and pricing in the postponement of such a move based on data that continues to disappoint. The miss this time was the consumer confidence for April that came in at 95.2 vs 102.5 expected and lower than pervious 101.4. The big one though will be Q1 GDP readings tomorrow.
Technically, we are treading on thin ice at key support of the recent range at 118.80. Should this hold, sideways price action might be expected in a consolidation phase between here and 119.40/50. On a wider analyses, analysts at UOB Group explained, "Only a break out of the expected 118.30/120.10 consolidation range would indicate the start of a sustained mid-term move."