26 May 2015
USD/JPY: Bullish triangle confirmed on breakout
FXStreet (Guatemala) - USD/JPY is currently trading at 123.04 with a high of 123.33 and low of 121.52.
USD/JPY bulls are testing the commitments of the bears and demand has taken the major above the fourth month ranges top and reached highs on the 123 handle. The major has been helped along further today by the US data as buyers remain in control.
There has been a number of events leading in to this breakout starting with Yellen's bullish rhetoric continues to echo around the market place while the CPI's underpinned the dollar also at the end of last week. The ECB front loading QE news also boosted the greenback while risks around a Grexit continue to weigh on the single currency offering support to the US dollar. There had also been evidence in the recent data from the CFTC Commitment of Traders Report for the week ending Tuesday May 19, that institutional investors had started to commit once again into Yen short bets, as written yesterday by Ivan Delgado, Head of Asian Editors.
USD/JPY breaks ascending triangle's top
The bullish triangle was confirmed with the break out up to test the 123.20/30 resistance zone and June 2007 highs at 124.14 with 125 come as the next psychological handles and targets. A pull back and buying on dips would leave the pair in to a consolidation phase should the 121/122.00 range hold in as support.
USD/JPY bulls are testing the commitments of the bears and demand has taken the major above the fourth month ranges top and reached highs on the 123 handle. The major has been helped along further today by the US data as buyers remain in control.
There has been a number of events leading in to this breakout starting with Yellen's bullish rhetoric continues to echo around the market place while the CPI's underpinned the dollar also at the end of last week. The ECB front loading QE news also boosted the greenback while risks around a Grexit continue to weigh on the single currency offering support to the US dollar. There had also been evidence in the recent data from the CFTC Commitment of Traders Report for the week ending Tuesday May 19, that institutional investors had started to commit once again into Yen short bets, as written yesterday by Ivan Delgado, Head of Asian Editors.
USD/JPY breaks ascending triangle's top
The bullish triangle was confirmed with the break out up to test the 123.20/30 resistance zone and June 2007 highs at 124.14 with 125 come as the next psychological handles and targets. A pull back and buying on dips would leave the pair in to a consolidation phase should the 121/122.00 range hold in as support.