16 Jun 2015
USD/JPY bulls taking control in Tokyo
FXStreet (Guatemala) - USD/JPY is currently trading at 123.44 with a high of 123.48 and a low of 123.38.
USD/JPY is slightly bid on the open in Tokyo while the market is as usual and steady ahead of the RBA minutes, the FOMC and BoJ later in week. The overnight action was a slow market in the major in Europe's and the US's opening while bears were in control.
The Yen is favoured to the upside of late since the Japanese officials have been talking it up and calling for a top in USD/JPY at 125, effectively. The BoJ will be a key focus this week and markets will monitor the tone and language around the price of the Yen for further impetus and potential reason for further supply in the major.
USD/JPY is still downside corrective
Kare Jones, chief analyst at Commerzbank explained that despite a recovery towards the end of last week , no resistance of note was overcome, which leaves the market still downside corrective. "The intraday Elliott wave counts have neutralised, which suggests that we may simply consolidate".
USD/JPY is slightly bid on the open in Tokyo while the market is as usual and steady ahead of the RBA minutes, the FOMC and BoJ later in week. The overnight action was a slow market in the major in Europe's and the US's opening while bears were in control.
The Yen is favoured to the upside of late since the Japanese officials have been talking it up and calling for a top in USD/JPY at 125, effectively. The BoJ will be a key focus this week and markets will monitor the tone and language around the price of the Yen for further impetus and potential reason for further supply in the major.
USD/JPY is still downside corrective
Kare Jones, chief analyst at Commerzbank explained that despite a recovery towards the end of last week , no resistance of note was overcome, which leaves the market still downside corrective. "The intraday Elliott wave counts have neutralised, which suggests that we may simply consolidate".