17 Aug 2015
USD/JPY: bulls committing on 124 handle
FXStreet (Guatemala) - USD/JPY is currently trading at 124.34 with a high of 124.57 and a low of 124.22.
USD/JPY has lost ground at the start of the week but remains in the vicinity of sideways channel on the 124 handle. The catalyst was a poor Empire State index in the US and softer treasuries. The GDP numbers for Japan were released last night and were showing that the economy contracted -0.4% Q/Q for Q2 beating expectations of -0.5%.
The downside remains compelling, with the slide from 125.20 region that penetrated levels down to 123.80 still a downward force in the major and minor recoveries not able to get above 124.60. We now await the BoJ interest rate decision and US CPI's. The FOMC minutes will also come this week.
USD/JPY levels
The June peak at 125.86 stands as a key technical level on a break of the 125 handle, through 125.20. The May 1997 high at 127.48 stands as key resistance in the widest of near term ranges. To the downside, on a break of the 124 handle yet again, 123.01 late July low comes as a major supporting level.
USD/JPY has lost ground at the start of the week but remains in the vicinity of sideways channel on the 124 handle. The catalyst was a poor Empire State index in the US and softer treasuries. The GDP numbers for Japan were released last night and were showing that the economy contracted -0.4% Q/Q for Q2 beating expectations of -0.5%.
The downside remains compelling, with the slide from 125.20 region that penetrated levels down to 123.80 still a downward force in the major and minor recoveries not able to get above 124.60. We now await the BoJ interest rate decision and US CPI's. The FOMC minutes will also come this week.
USD/JPY levels
The June peak at 125.86 stands as a key technical level on a break of the 125 handle, through 125.20. The May 1997 high at 127.48 stands as key resistance in the widest of near term ranges. To the downside, on a break of the 124 handle yet again, 123.01 late July low comes as a major supporting level.