19 Aug 2015
USD/JPY: steady ahead of FOMC minutes
FXStreet (Guatemala) - USD/JPY is currently trading at 124.38 with a high of 124.57 and a low of 124.43.
USD/JPY has opened in Tokyo flat and in consolidation of the move from the 124.20 support up to test space towards the mid point of the handle in the US session. The housing stats in the US gave the greenback a lift but only a moderate 20 pips was garnered until the bulls ran out of steam and we await the outcome of the CPI's and the FOMC minutes as the next potential source of impetus for the major now that the trade balance in Japan has been reported and digested.
The Japanese trade balance for the month of July came in at JPY -268.1 bln vs JPY -53.0 bln expected and a prior revision of JPY -70.5 bln, with the adjusted reading at JPY -368.8 bln vs JPY -158.6 bln exp. The BoJ meet this week also for their interest rate decision while is likely to remain on hold with the recent GDP numbers reading -0.4% Q/Q for Q2 beating expectations of -0.5%.
USD/JPY levels
On a break higher, the June peak at 125.86 stands as a key technical level on a break of the 125 handle, through 125.20. This comes in ahead of the May 1997 high at 127.48. To the downside, on a break of the 124 handle yet again, 123.01 late July low comes as a major supporting level.
USD/JPY has opened in Tokyo flat and in consolidation of the move from the 124.20 support up to test space towards the mid point of the handle in the US session. The housing stats in the US gave the greenback a lift but only a moderate 20 pips was garnered until the bulls ran out of steam and we await the outcome of the CPI's and the FOMC minutes as the next potential source of impetus for the major now that the trade balance in Japan has been reported and digested.
The Japanese trade balance for the month of July came in at JPY -268.1 bln vs JPY -53.0 bln expected and a prior revision of JPY -70.5 bln, with the adjusted reading at JPY -368.8 bln vs JPY -158.6 bln exp. The BoJ meet this week also for their interest rate decision while is likely to remain on hold with the recent GDP numbers reading -0.4% Q/Q for Q2 beating expectations of -0.5%.
USD/JPY levels
On a break higher, the June peak at 125.86 stands as a key technical level on a break of the 125 handle, through 125.20. This comes in ahead of the May 1997 high at 127.48. To the downside, on a break of the 124 handle yet again, 123.01 late July low comes as a major supporting level.