10 Mar 2015
USD/JPY: 122.00 resistance proves too much
FXStreet (Guatemala) - USD/JPY is currently trading at 121.07 with a high of 122.04 and a low of 121.91.
USD/JPY is down to meet the rising support line from 120.60 origin with 120.90/00 giving the major support after losing a cent on the US shift from supply at 12.2.00 barrier. The Yen had been sold off as the greenback dominates in the FX space yet again, rising last week's consensus beating Nonfarm Payrolls yet again. During European house the Yen started to come back and with stocks sliding the Yen manage to pick up some pace.
Technically the major remains within familiar ranges and although it has broken into the 102's with conviction until it manages a score through the 122.33 and the 15 year downtrend which is sighted as a string resistance barrier, exporters are likely to disappoint the bulls and keep a lid on rallies that the speculative bears will enjoy fading.
USD/JPY is down to meet the rising support line from 120.60 origin with 120.90/00 giving the major support after losing a cent on the US shift from supply at 12.2.00 barrier. The Yen had been sold off as the greenback dominates in the FX space yet again, rising last week's consensus beating Nonfarm Payrolls yet again. During European house the Yen started to come back and with stocks sliding the Yen manage to pick up some pace.
Technically the major remains within familiar ranges and although it has broken into the 102's with conviction until it manages a score through the 122.33 and the 15 year downtrend which is sighted as a string resistance barrier, exporters are likely to disappoint the bulls and keep a lid on rallies that the speculative bears will enjoy fading.