7 Sep 2015
USD/JPY: strong rebound in risk sees a 119.55 high
FXStreet (Guatemala) - USD/JPY is back on the bid on the 119 handle and making higher highs at time of writing with a turnaround in risk as stock markets pick up.
At time of writing, S&P futures are up 0.90% while the Nikkei is also making a strong recovery from the lows of 17,478.72 today to currently trade at 17,808.54 +0.93%. Elsewhere, CS1300 futures are up over 3% as well.
USD/JPY had scored a low of 118.79 earlier as the day started cautiously after the volatility of last week around the Nonfarm Payrolls data.
The major suffered on the back of the release when the headline was missing expectations. However, in the background to the report, the detail all added up towards a possible rate hike to come from the Fed on the 17th of this month. Crucially, there was a drop in the unemployment rate to 5.1% and this is within a band of where the Fed regards as full employment and will be a crucial component in FOMC meeting this month.
USD/JPY levels
Technically, a recovery on the 119 handle brings back scope for the To 120.80/00 level as key resistance, aligning with the 200 DMA. On further supply, 118.33/25 and March lows guard the 116.15/115.85 2015 low and the recent low.
At time of writing, S&P futures are up 0.90% while the Nikkei is also making a strong recovery from the lows of 17,478.72 today to currently trade at 17,808.54 +0.93%. Elsewhere, CS1300 futures are up over 3% as well.
USD/JPY had scored a low of 118.79 earlier as the day started cautiously after the volatility of last week around the Nonfarm Payrolls data.
The major suffered on the back of the release when the headline was missing expectations. However, in the background to the report, the detail all added up towards a possible rate hike to come from the Fed on the 17th of this month. Crucially, there was a drop in the unemployment rate to 5.1% and this is within a band of where the Fed regards as full employment and will be a crucial component in FOMC meeting this month.
USD/JPY levels
Technically, a recovery on the 119 handle brings back scope for the To 120.80/00 level as key resistance, aligning with the 200 DMA. On further supply, 118.33/25 and March lows guard the 116.15/115.85 2015 low and the recent low.