15 Apr 2015
USD/JPY: Bulls entering too early?
FXStreet (Guatemala) - USD/JPY is currently trading at 119.20 with a high of 119.75 and a low of 118.78.
USD/JPY is consolidating the rally that took the major off the 118.80 supporting territory in an onslaught on the greenback yet again this week. The Yen has been a string performer in a risk off environment and the major is still contained by descending resistance from the 120.80 decent.
The question is now whether the markets are now turning their backs on the greenback for good with sentiment moving away from the requirement of a hike as soon as June, or even at all this year should the US economy not remain on track in respect of a data dependant Fed. USD/JPY at these levels are attractive to the bulls but historically, going back just weeks ago 118.20/30 comes as key support so leaves the door open for some further downside to go yet.
USD/JPY is consolidating the rally that took the major off the 118.80 supporting territory in an onslaught on the greenback yet again this week. The Yen has been a string performer in a risk off environment and the major is still contained by descending resistance from the 120.80 decent.
The question is now whether the markets are now turning their backs on the greenback for good with sentiment moving away from the requirement of a hike as soon as June, or even at all this year should the US economy not remain on track in respect of a data dependant Fed. USD/JPY at these levels are attractive to the bulls but historically, going back just weeks ago 118.20/30 comes as key support so leaves the door open for some further downside to go yet.