12 Jun 2015
USD/JPY to close first negative week in four
FXStreet (Orlando) - The US dollar declined 60 pips from 123.80 after the better-than-expected US consumer confidence figures. However, the USD/JPY seems to have found support at 123.15 where the pair was bought again and launched back to 123.40.
The USD/JPY is trading almost flat on the day after Thursday's rebound from 122.55 and before that, three days of decline. The Dollar is closing its first negative week against the Yen in the last four.
Currently, USD/JPY is trading at 123.39, down 0.01% on the day, having posted a daily high at 123.83 and low at 123.14. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
USD/JPY Forecast
According to the USD/JPY Forecast Poll, the USD/JPY is expected to trade sideways around 123.50 in the next three months. 'No matter what BoJ Kuroda said'. However, Jameel Ahmad from FXTM affirmed that "traders used the comments from Kuroda as an excuse to close positions;" but, if the USD strengthens, "we are likely to return to 125."
USD/JPY technical levels
If the pair consolidates levels above 123.35, it will find resistances at 123.50, 123.80 and 124.00. To the downside, supports are at 123.15, 123.00 and 122.80.
The USD/JPY is trading almost flat on the day after Thursday's rebound from 122.55 and before that, three days of decline. The Dollar is closing its first negative week against the Yen in the last four.
Currently, USD/JPY is trading at 123.39, down 0.01% on the day, having posted a daily high at 123.83 and low at 123.14. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
USD/JPY Forecast
According to the USD/JPY Forecast Poll, the USD/JPY is expected to trade sideways around 123.50 in the next three months. 'No matter what BoJ Kuroda said'. However, Jameel Ahmad from FXTM affirmed that "traders used the comments from Kuroda as an excuse to close positions;" but, if the USD strengthens, "we are likely to return to 125."
USD/JPY technical levels
If the pair consolidates levels above 123.35, it will find resistances at 123.50, 123.80 and 124.00. To the downside, supports are at 123.15, 123.00 and 122.80.