25 Aug 2015
USD/JPY bulls taking control on a recovery on 119 handle
FXStreet (Guatemala) - USD/JPY is currently trading at 119.42 with a high of 119.50 and a low of 118.24.
USD/JPY had rallied as we progress through the Tokyo trading day and as markets began to reprice a Fed hike back into this year, on the back of Lockhart speaking in early Asia.S&P 500 futures were climbing up to 2% at the time of writing, but further risk aversion entered the markets almost at the same time we were seeing a recovery there and in the USD/JPY. The risk-off comes with the Chinese stock market opening indications printing 6.4% in the Shanghai Composite which already chalked up the biggest one-day percentage fall since 2007 yesterday.
USD/JPY choppiness is the theme on 119.00
So, choppiness is the theme while the major penetrated the 119 handle to score the aforementioned highs, then took a dive and recovered there at 119.20 to attempt the upside once again.
Technically levels to the downside are 115.84, ahead of 112.56, 110.00 and back to 105.18 on the longer term range. Near term rallies are likely to struggle in this environment past 122.30 with 120 coming back in as the psychological level.
USD/JPY had rallied as we progress through the Tokyo trading day and as markets began to reprice a Fed hike back into this year, on the back of Lockhart speaking in early Asia.S&P 500 futures were climbing up to 2% at the time of writing, but further risk aversion entered the markets almost at the same time we were seeing a recovery there and in the USD/JPY. The risk-off comes with the Chinese stock market opening indications printing 6.4% in the Shanghai Composite which already chalked up the biggest one-day percentage fall since 2007 yesterday.
USD/JPY choppiness is the theme on 119.00
So, choppiness is the theme while the major penetrated the 119 handle to score the aforementioned highs, then took a dive and recovered there at 119.20 to attempt the upside once again.
Technically levels to the downside are 115.84, ahead of 112.56, 110.00 and back to 105.18 on the longer term range. Near term rallies are likely to struggle in this environment past 122.30 with 120 coming back in as the psychological level.