13 May 2015
USD/JPY bears take control in Tokyo open
FXStreet (Guatemala) - USD/JPY is currently trading at 119.76 with a high of 119.90 and a low of 119.75.
USD/JPY is once again opening to the downside in Tokyo below the 120 handle on a better offered day overnight from 120.26 and making fresh lows as we approach the 119.60/65 support zone as possible drift target.
With a lack of new drivers, we are still wearing last week's jobs data from the US and hence the greenback struggles to gain any traction on the bid due to the nearly 40k downward revision to the March report (85k down from 126k of the initial estimate) as well as the unemployment rate slipping to 5.4% from 5.5% despite the 0.1% increase in the participation rate. Fed Williams, however, who is usually a dove, came out today and suggested a rate hike would be appropriate this year but there was no sentiment for anytime soon.
USD/JPY's technical outlook is mixed and we are in the same ranges with 120.82/84 resistance in the main on the 120 handle being the December 2014 and the April high. Bulls will look for a test of the 14 year downtrend at 122.07 through there. Through 119.65, to the downside, 119.10 and 118.40 come in as next key supports.
USD/JPY is once again opening to the downside in Tokyo below the 120 handle on a better offered day overnight from 120.26 and making fresh lows as we approach the 119.60/65 support zone as possible drift target.
With a lack of new drivers, we are still wearing last week's jobs data from the US and hence the greenback struggles to gain any traction on the bid due to the nearly 40k downward revision to the March report (85k down from 126k of the initial estimate) as well as the unemployment rate slipping to 5.4% from 5.5% despite the 0.1% increase in the participation rate. Fed Williams, however, who is usually a dove, came out today and suggested a rate hike would be appropriate this year but there was no sentiment for anytime soon.
USD/JPY's technical outlook is mixed and we are in the same ranges with 120.82/84 resistance in the main on the 120 handle being the December 2014 and the April high. Bulls will look for a test of the 14 year downtrend at 122.07 through there. Through 119.65, to the downside, 119.10 and 118.40 come in as next key supports.