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3 Jun 2015
USD/JPY consolidating in bullish territory
FXStreet (Guatemala) - USD/JPY is currently trading at 124.21 with a high of 124.23 and a low of 123.97.
We have little to come for USD/JPY in Asia from the calendar, however, we had quite a show of price action overnight. For the day ahead, the major will trade on an adjusting market with the US dollar chucked out of the window seeing major swings across the board. That said, the dollar was remaining 'relatively' composed vs the Yen, in comparison to the Aussie dollar or euro for that matter. Although the major is down, it still holds on in bullish territory on the psychological 124 handle.
Sean Callow, analyst at Westpac Banking Corporation explained that the USD fell against all major currencies, seemingly largely driven by short-covering on EUR/USD. "Headlines on Greece were mixed but apparently enough to inspire optimism of a deal soon, while Eurozone CPI surprised to the topside. US factory orders disappointed and Fedspeak was dovish yet US yields rose."
Technically, USD/JPY is consolidating the downside while 125 comes as critical resistance to overcome. Valeria Bednarik, chief analyst at FXStreet explained, " In the 4 hours chart however, the price is far above its moving averages, whilst the technical indicators are turning lower near overbought levels, suggesting that the longer term bullish trend remains intact."
We have little to come for USD/JPY in Asia from the calendar, however, we had quite a show of price action overnight. For the day ahead, the major will trade on an adjusting market with the US dollar chucked out of the window seeing major swings across the board. That said, the dollar was remaining 'relatively' composed vs the Yen, in comparison to the Aussie dollar or euro for that matter. Although the major is down, it still holds on in bullish territory on the psychological 124 handle.
Sean Callow, analyst at Westpac Banking Corporation explained that the USD fell against all major currencies, seemingly largely driven by short-covering on EUR/USD. "Headlines on Greece were mixed but apparently enough to inspire optimism of a deal soon, while Eurozone CPI surprised to the topside. US factory orders disappointed and Fedspeak was dovish yet US yields rose."
Technically, USD/JPY is consolidating the downside while 125 comes as critical resistance to overcome. Valeria Bednarik, chief analyst at FXStreet explained, " In the 4 hours chart however, the price is far above its moving averages, whilst the technical indicators are turning lower near overbought levels, suggesting that the longer term bullish trend remains intact."