23 Mar 2015
USD/JPY: Losing grip of the 120's; downside revealed
FXStreet (Guatemala) - USD/JPY is currently trading 119.65 with a high of 120.12 and and low of 119.82.
USD/JPY has been unable to hold on to the 120 handle last week with 121.20 coming as strong resistance and bulls were rejected here with force right through the figure finding demand at 119.80 eventually on the bearish opening gap in early Asia today.
The calendar is light for Asia and we are awaiting the US open for February US existing home sales while keep ing an ear to the ground with a number of hear Fed speakers. Further into the week, we get the CPI's for the US as well as GDP at the end of the week. Japan also reports its CPI and the unemployment rate. Technically, the downside is being tested and 55 day ma at 119.09 could be vulnerable of an attack. Below here could start to look attractive to the bulls but risks are supply through to the 16th February low ahead of key support coming from the bottom of the 4-month range at 116.40 currently.
USD/JPY has been unable to hold on to the 120 handle last week with 121.20 coming as strong resistance and bulls were rejected here with force right through the figure finding demand at 119.80 eventually on the bearish opening gap in early Asia today.
The calendar is light for Asia and we are awaiting the US open for February US existing home sales while keep ing an ear to the ground with a number of hear Fed speakers. Further into the week, we get the CPI's for the US as well as GDP at the end of the week. Japan also reports its CPI and the unemployment rate. Technically, the downside is being tested and 55 day ma at 119.09 could be vulnerable of an attack. Below here could start to look attractive to the bulls but risks are supply through to the 16th February low ahead of key support coming from the bottom of the 4-month range at 116.40 currently.