31 Jul 2015
USD/JPY: bulls compromised while consolidated in wide range
FXStreet (Guatemala) - USD/JPY is trading currently at 124.13 with a high of 124.22 and a low of 124.13.
It has been pretty quiet in the early Asian session so far as electronic trading opens and the dollar index is holding on to yesterday's gains after GDP Q2 data released overnight confirmed the US economy is making progress and the Fed is headed towards a rate hike this year. Overnight, USD/JPY was testing the mid point of the current handle but failures here attracted supply where non committed bulls stopped aside from preferring to await for another chance at next week's US jobs data releases. Today we will be on the look out for Japanese CPI.
USD/JPY in a consolidation phase
Technically, analysts at UOB Group explained that the failure of daily MACD to cross into negative territory suggests that this pair is still caught in a consolidation phase. "For the next 1 to 2 weeks, we expect USD to trade between 122.80 and 124.50 and only a clear break out of this range would indicate the start of a more direction mid-term move."
It has been pretty quiet in the early Asian session so far as electronic trading opens and the dollar index is holding on to yesterday's gains after GDP Q2 data released overnight confirmed the US economy is making progress and the Fed is headed towards a rate hike this year. Overnight, USD/JPY was testing the mid point of the current handle but failures here attracted supply where non committed bulls stopped aside from preferring to await for another chance at next week's US jobs data releases. Today we will be on the look out for Japanese CPI.
USD/JPY in a consolidation phase
Technically, analysts at UOB Group explained that the failure of daily MACD to cross into negative territory suggests that this pair is still caught in a consolidation phase. "For the next 1 to 2 weeks, we expect USD to trade between 122.80 and 124.50 and only a clear break out of this range would indicate the start of a more direction mid-term move."