14 Jul 2015
USD/JPY: Bears stacking up with Greek parliament in focus
FXStreet (Guatemala) - USD/JPY is currently trading at 123.37 with a high of 123.74 and a low of 122.91.
USD/JPY remains in the hands of the bulls although head winds are gathering again with a test of the 123 handle in London. USD/JPY has been a strong performer in recovery mode from down at 120.40 until 123.70 resistance. However, the major is subject to the uncertainties that remain with the Greek debacle with plenty of time for further disruptions towards a Greek deal being finalised. The attention moves to the Greek parliament tomorrow which will set the stage up for the next performance of this on going saga of events.
The Yen will likely be favoured as a safe haven on any unclear or negative outcomes of tomorrow's events while the greenback will be supported on anything that is positive, when investors revert back to the divergences between central banks as the Fed's map for hiking rates forecasts increases in interest rates before the end of the year.
Technically, Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart, the technical indicators have turned sharply lower from overbought territory, and maintain their bearish strength, but remain above their mid-lines, limiting the bearish potential at the time being.
USD/JPY remains in the hands of the bulls although head winds are gathering again with a test of the 123 handle in London. USD/JPY has been a strong performer in recovery mode from down at 120.40 until 123.70 resistance. However, the major is subject to the uncertainties that remain with the Greek debacle with plenty of time for further disruptions towards a Greek deal being finalised. The attention moves to the Greek parliament tomorrow which will set the stage up for the next performance of this on going saga of events.
The Yen will likely be favoured as a safe haven on any unclear or negative outcomes of tomorrow's events while the greenback will be supported on anything that is positive, when investors revert back to the divergences between central banks as the Fed's map for hiking rates forecasts increases in interest rates before the end of the year.
Technically, Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart, the technical indicators have turned sharply lower from overbought territory, and maintain their bearish strength, but remain above their mid-lines, limiting the bearish potential at the time being.