13 May 2015
USD/JPY downside opening up again?
FXStreet (Guatemala) - USD/JPY is currently trading at 119.10 with a high of 119.98 and a low of 119.02.
USD/JPY has moved to the downside through the 119 handle and taking out the resent support lines until the round 119 figure. The greenback came under fire yet again today with yet further bearishness on the data front. Retail sales was a miss and setting a bad scene for the quarter ahead against a back drop of poor NFP's recently.
Analysts have set back the idea of a rate hike to come in June and more towards the end of the year if anything at all for 2015 and that is pressuring the dollar. The Yen however is sighted to be sold off again and in the longer term outlook the picture for the major remains bullish both fundamentally and technically on the longer dated sticks.
Technically, the outlook is mixed shorter term, now with more downside potential to come given today's price action and supports taken out on the 119 handle. However, we are in the same ranges with 120.82/84 resistance in the main on the 120 handle being the December 2014 and the April high. Bulls will look for a test of the 14 year downtrend at 122.07 through there. Through 119.65, to the downside, 118.40 comes in as next key support.
USD/JPY has moved to the downside through the 119 handle and taking out the resent support lines until the round 119 figure. The greenback came under fire yet again today with yet further bearishness on the data front. Retail sales was a miss and setting a bad scene for the quarter ahead against a back drop of poor NFP's recently.
Analysts have set back the idea of a rate hike to come in June and more towards the end of the year if anything at all for 2015 and that is pressuring the dollar. The Yen however is sighted to be sold off again and in the longer term outlook the picture for the major remains bullish both fundamentally and technically on the longer dated sticks.
Technically, the outlook is mixed shorter term, now with more downside potential to come given today's price action and supports taken out on the 119 handle. However, we are in the same ranges with 120.82/84 resistance in the main on the 120 handle being the December 2014 and the April high. Bulls will look for a test of the 14 year downtrend at 122.07 through there. Through 119.65, to the downside, 118.40 comes in as next key support.