19 Feb 2015
USD/JPY: Below key resistance, making hard work of the upside
FXStreet (Guatemala) - USD/JPY is currently trading at 118.93 with a high of 119.19 and a low of 118.42.
USD/JPY continues to struggle on the bid and is making hard and long work of the upside, below the psychological 120 handle. Nevertheless, we have had a minor recovery from 118.42 and we are back on track after the gap formed mid week. 119.20 is acting as first resistance again setting the pair back blow the 119 handle in the US session.
The greenback continues with a bid theme post yesterday's less than hawkish minutes form the FOMC while today we had better than expected initial jobless claims vs a dire Philly fed manufacturing survey . We now await Yellen's testimony next week. Technically, USD/JPY holds the four month uptrend at 118.33 allowing for bulls to target the 120 psychological handle, then the 121.86 Dec high ahead of the 122.45 level 15 year downtrend, according to Karen Jones, chief analyst at Commerzbank.
USD/JPY continues to struggle on the bid and is making hard and long work of the upside, below the psychological 120 handle. Nevertheless, we have had a minor recovery from 118.42 and we are back on track after the gap formed mid week. 119.20 is acting as first resistance again setting the pair back blow the 119 handle in the US session.
The greenback continues with a bid theme post yesterday's less than hawkish minutes form the FOMC while today we had better than expected initial jobless claims vs a dire Philly fed manufacturing survey . We now await Yellen's testimony next week. Technically, USD/JPY holds the four month uptrend at 118.33 allowing for bulls to target the 120 psychological handle, then the 121.86 Dec high ahead of the 122.45 level 15 year downtrend, according to Karen Jones, chief analyst at Commerzbank.