13 Aug 2015
USD/JPY steady: awaits possible Chinese induced volatility
FXStreet (Guatemala) - USD/JPY is currently trading at 124.29 with a high of 124.33 and low of 124.13.
USD/JPY is a quiet play at the start of Tokyo with a lack of drivers on the calendar, as traders remain nervous around China. The Yen plays out its safe haven roll while the greenback has been sold-off as investors begin to unwind their positions subsequent of a possible rate hike from the Fed in September. Markets are looking for the next data for the US and will be watching out for US retail sales this week ahead of the CPI's and FOMC minutes next week.
USD/JPY technically playing out a buy on dips at 124 or below
The June peak at 125.86 would be the next target through the recent highs on the 125 handle, ahead of the May 1997 high at 127.48. "We will retain our weekly bullish forecast while the 123.01 late July low underpins. Above it the accelerated uptrend line can be seen at 124.49," said Karen Jones, chief analyst at Commerzbank.
USD/JPY is a quiet play at the start of Tokyo with a lack of drivers on the calendar, as traders remain nervous around China. The Yen plays out its safe haven roll while the greenback has been sold-off as investors begin to unwind their positions subsequent of a possible rate hike from the Fed in September. Markets are looking for the next data for the US and will be watching out for US retail sales this week ahead of the CPI's and FOMC minutes next week.
USD/JPY technically playing out a buy on dips at 124 or below
The June peak at 125.86 would be the next target through the recent highs on the 125 handle, ahead of the May 1997 high at 127.48. "We will retain our weekly bullish forecast while the 123.01 late July low underpins. Above it the accelerated uptrend line can be seen at 124.49," said Karen Jones, chief analyst at Commerzbank.