26 Aug 2015
USD/JPY: upside a red flag for the bulls?
FXStreet (Guatemala) - USD/JPY is currently supported towards the 120 handle worth a high 119.98 of and a low of 118.44.
USD/JPY has been a mixed bag of sorts, while Dudley dampened the greenbacks recovery as suggesting to the market that September is off the cards in so many words. The directional strength lacking post a stronger Nikkei and minor and better bid type of recovery on Black Monday's week so far.
USD/JPY is going to make hard work of the upside until markets get used to the fact that China is in poor chap and while a shadow of doubt remains over whether a Fed hike can be justified this year or at all into the first quarter of next year if it is all going to depend on the economic performance of the US economy in a contracting Global arena.
USD/JPY Bulls needs a close above 200 DMA
Analysts at Bank of America Merrill Lynch have note that USD/JPY is retracing from the 24 August intraday bottom on the weekly Ichimoku Cloud support and explained that the 200 MA on a weekly basis is key for this week. "We will see whether it can successfully close above the key 200 moving average level on a weekly basis, currently running at 120.7, this Friday."
USD/JPY has been a mixed bag of sorts, while Dudley dampened the greenbacks recovery as suggesting to the market that September is off the cards in so many words. The directional strength lacking post a stronger Nikkei and minor and better bid type of recovery on Black Monday's week so far.
USD/JPY is going to make hard work of the upside until markets get used to the fact that China is in poor chap and while a shadow of doubt remains over whether a Fed hike can be justified this year or at all into the first quarter of next year if it is all going to depend on the economic performance of the US economy in a contracting Global arena.
USD/JPY Bulls needs a close above 200 DMA
Analysts at Bank of America Merrill Lynch have note that USD/JPY is retracing from the 24 August intraday bottom on the weekly Ichimoku Cloud support and explained that the 200 MA on a weekly basis is key for this week. "We will see whether it can successfully close above the key 200 moving average level on a weekly basis, currently running at 120.7, this Friday."