20 Feb 2015
USD/JPY: Gets set ahead of Yellen next week
FXStreet (Guatemala) - USD/JPY is currently trading at 119.03 with a high of 119.09 and a low of 118.92.
USD/JPY remains in a tight and familiar range capped ahead of 119.20 resistance on the last trading day of the week. The pair has however started to turn more bullish this month and oscillates above the 116.00 support and has yet to be set back to this level while demand comes in at on the 117 handles lows this month instead, so far and has in fact been holding the four month uptrend at 118.33 this week under pinning the bullish bias.
Leading into next week, the key event will be Yellen's testimony. She is due to speak on Tuesday at the semi-annual Fed monetary policy testimony. Taking note of levels ahead of the event, the main initial resistance is the 121.86 December high still ahead of the 122.45 15-year downtrend.
USD/JPY remains in a tight and familiar range capped ahead of 119.20 resistance on the last trading day of the week. The pair has however started to turn more bullish this month and oscillates above the 116.00 support and has yet to be set back to this level while demand comes in at on the 117 handles lows this month instead, so far and has in fact been holding the four month uptrend at 118.33 this week under pinning the bullish bias.
Leading into next week, the key event will be Yellen's testimony. She is due to speak on Tuesday at the semi-annual Fed monetary policy testimony. Taking note of levels ahead of the event, the main initial resistance is the 121.86 December high still ahead of the 122.45 15-year downtrend.