4 May 2015
USD/JPY: Bullish bias longer term as USD firms up
FXStreet (Guatemala) - USD/JPY is currently trading at 120.13 with a high of 120.25 and a low of 120.09.
USD/JPY was busy lats week with good two way business. The pair now trades on the 120 handle again after the greenback staged a come back in the final sessions in thinner markets in London on Friday, strong yields and a shift in sentiment with risk appetite returning ahead of what will likely be another busy week on the US calendar.
We are set for the NFP's this week which will have eyes on given the recent build up post the bullish FOMC statement. They FOMC are depending heavily on the data docket and are highlighting again the importance of the jobs market in the US in respect to a recovery and meeting the inflation target of 2% and a requirement to hike rates in the US. Leading up to the event will be a handful of second tier releases but we will have plenty of Fedspeak along the way, with Tarullo, Evans and Williams this week. Japan is out for Golden Week holidays until Thursday this week.
USD/JPY: Long term bullish bias, range trading for now
USD/JPY remains in familiar ranges. The p[rice actions of last month was teasing around the “ichimoku” cloud resistance on rallies until supply took the major back to 118.20/50 support within the sideways channel. The analysts at TD Securities, for the short-term, explained that they expect the USD to remain better supported. "The lack of any real trend here (apart from sideways) in the past few months means that it will take a significant move—either above 122 or below 116 on a sustained basis—to imply that a broader move is unfolding."
"We remain longer-term USD/JPY bulls but we think range trading continues for now,"- TD Securities.
USD/JPY was busy lats week with good two way business. The pair now trades on the 120 handle again after the greenback staged a come back in the final sessions in thinner markets in London on Friday, strong yields and a shift in sentiment with risk appetite returning ahead of what will likely be another busy week on the US calendar.
We are set for the NFP's this week which will have eyes on given the recent build up post the bullish FOMC statement. They FOMC are depending heavily on the data docket and are highlighting again the importance of the jobs market in the US in respect to a recovery and meeting the inflation target of 2% and a requirement to hike rates in the US. Leading up to the event will be a handful of second tier releases but we will have plenty of Fedspeak along the way, with Tarullo, Evans and Williams this week. Japan is out for Golden Week holidays until Thursday this week.
USD/JPY: Long term bullish bias, range trading for now
USD/JPY remains in familiar ranges. The p[rice actions of last month was teasing around the “ichimoku” cloud resistance on rallies until supply took the major back to 118.20/50 support within the sideways channel. The analysts at TD Securities, for the short-term, explained that they expect the USD to remain better supported. "The lack of any real trend here (apart from sideways) in the past few months means that it will take a significant move—either above 122 or below 116 on a sustained basis—to imply that a broader move is unfolding."
"We remain longer-term USD/JPY bulls but we think range trading continues for now,"- TD Securities.