20 Aug 2015
USD/JPY and FOMC minutes sellers emerging in Tokyo
FXStreet (Guatemala) - USD/JPY is currently trading at 123.85 with a high of 123.95 and a low of 123.80.
Trade in the Tokyo open is following on from the overnight price downside bias in the greenback. The supply in major came on the back of the dovish FOMC minutes ahead of a month where some economists are calling for a Fed lift -off. However, the minutes had clearly signified that September may be too soon in the current conditions, sighting China as problematic, while it also remained unclear when wages would increase. However, most officials in July saw conditions for a rate hike getting closer which should underpin strengthen the greenback leading into the September meeting.
USD/JPY taking out the 124 comfort zone
On a break higher, the June peak at 125.86 stands as a key technical level on a break of the 125 handle, through 125.20. This comes in ahead of the May 1997 high at 127.48. To the downside, the 124 support has been broken and fresh lows for the month have been printed, targeting 31st July 123.51 low. 123.00 remains the key supporting level.
Trade in the Tokyo open is following on from the overnight price downside bias in the greenback. The supply in major came on the back of the dovish FOMC minutes ahead of a month where some economists are calling for a Fed lift -off. However, the minutes had clearly signified that September may be too soon in the current conditions, sighting China as problematic, while it also remained unclear when wages would increase. However, most officials in July saw conditions for a rate hike getting closer which should underpin strengthen the greenback leading into the September meeting.
USD/JPY taking out the 124 comfort zone
On a break higher, the June peak at 125.86 stands as a key technical level on a break of the 125 handle, through 125.20. This comes in ahead of the May 1997 high at 127.48. To the downside, the 124 support has been broken and fresh lows for the month have been printed, targeting 31st July 123.51 low. 123.00 remains the key supporting level.