12 May 2015
USD/JPY drifting along in swingers dream
FXStreet (Guatemala) - USD/JPY is currently trading at 120.11 with a high of 120.17 and a low of 120.08.
USD/JPY is a perfect environment for swing traders, with supply meeting demand and rifting back on the bid at predictable and familiar levels. There are a lack of drivers today and the major has been quietly moving along on the bid and offsetting yesterday's better offered environment on the back of last week's closing data in the US labor market. The inline headline data came along with a less positive backdrop of the nearly 40k downward revision to the March report (85k down from 126k of the initial estimate) as well as the unemployment rate slipping to 5.4% from 5.5% despite the 0.1% increase in the participation rate.
USD/JPY's technical outlook remains mixed within the familiar ranges. The range has 120.82/84 resistance, which is the December 2014 and the April high. A break of these levels brings in the 14 year downtrend at 122.07. To the downside, 119.10 and 118.40 come in as support.
USD/JPY is a perfect environment for swing traders, with supply meeting demand and rifting back on the bid at predictable and familiar levels. There are a lack of drivers today and the major has been quietly moving along on the bid and offsetting yesterday's better offered environment on the back of last week's closing data in the US labor market. The inline headline data came along with a less positive backdrop of the nearly 40k downward revision to the March report (85k down from 126k of the initial estimate) as well as the unemployment rate slipping to 5.4% from 5.5% despite the 0.1% increase in the participation rate.
USD/JPY's technical outlook remains mixed within the familiar ranges. The range has 120.82/84 resistance, which is the December 2014 and the April high. A break of these levels brings in the 14 year downtrend at 122.07. To the downside, 119.10 and 118.40 come in as support.