9 Mar 2015
USD/JPY: Setting sights on higher levels
FXStreet (Guatemala) - USD/JPY is currently trading 120.60 with a high of 120.89 and a low of 120.60.
USD/JPY started the week of on the offer below the 102.80 resistance level. there has been an improvement QonQ in Japans GDP with actual 0.4% beating previous -0.6% although annualised on the year was 1.% vs 2.2% previous. However, the tone overall is riding a string greenback with yet another consensus beating Nonfarm Payrolls number on Friday from the US that has taken the major into positive territory on the 120 handle.
Technically, the profile of USD/JPY is now looking bullish an constructive on multiple time frames with gains through the 120.50 level of last week. "New highs would be more constructive for the USD and put the market on track to test major resistance points above the market," explained analysts at RBS. "We look for USD/JPY to progress towards 124/125 fairly quickly if the USD can push through 121.85. " They added that they remain bullish and look to buy modest dips from here. "Support is 120.45/50 but we rather doubt the USD will pullback in a material way just yet."
USD/JPY started the week of on the offer below the 102.80 resistance level. there has been an improvement QonQ in Japans GDP with actual 0.4% beating previous -0.6% although annualised on the year was 1.% vs 2.2% previous. However, the tone overall is riding a string greenback with yet another consensus beating Nonfarm Payrolls number on Friday from the US that has taken the major into positive territory on the 120 handle.
Technically, the profile of USD/JPY is now looking bullish an constructive on multiple time frames with gains through the 120.50 level of last week. "New highs would be more constructive for the USD and put the market on track to test major resistance points above the market," explained analysts at RBS. "We look for USD/JPY to progress towards 124/125 fairly quickly if the USD can push through 121.85. " They added that they remain bullish and look to buy modest dips from here. "Support is 120.45/50 but we rather doubt the USD will pullback in a material way just yet."