28 Apr 2015
USD/JPY bears line up and weigh on the 119 handle
FXStreet (Guatemala) - USD/JPY is currently trading at 119.08 with a high of 119.20 and a low of 119.06.
USD/JPY is a slow start in Tokyo while the Yen has been flexing its muscles of late through the pair and bulls show little commitment on the 119 handle thus far bringing 118.80 support back into focus. The calendar is light today but things will pick up as we progress through the week, with US GDP Q1 ahead of the FOMC and accompanying statement.
USD/JPY is technically on path for a break lower and a close below the 118.33 March 26 low would attract further supply as being viewed as negative, triggering losses to the February low at 116.64, as suggested by Karen Jones, chief analyst at Commerzbank who suggests that the risk remains for a downside break.
USD/JPY is a slow start in Tokyo while the Yen has been flexing its muscles of late through the pair and bulls show little commitment on the 119 handle thus far bringing 118.80 support back into focus. The calendar is light today but things will pick up as we progress through the week, with US GDP Q1 ahead of the FOMC and accompanying statement.
USD/JPY is technically on path for a break lower and a close below the 118.33 March 26 low would attract further supply as being viewed as negative, triggering losses to the February low at 116.64, as suggested by Karen Jones, chief analyst at Commerzbank who suggests that the risk remains for a downside break.