3 Feb 2015
USD/JPY: Volatile within familiar levels
FXStreet (Bali) - USD/JPY remains trading with an inconclusive bias, and as fast as it rose off 117.10 lows during the last US session, topping out at 117.67 ahead of Tokyo, heavy selling has resulted in the rate now returning back down to levels near 117.00, with the Nikkei 225 sliding by 0.36% in morning trade.
Jim Langlands, Founder at FXCharts, notes: "Overall, the choppy conditions look set to continue, although the dollar does look as though it may have a mild downside bias, but may have to wait for the NFP on Friday before seeing any real action. Below 117.00, the first support will be at the session low at 116.64 and then at 116.55 (76.4% of 115.85/118.83). On the topside, today’s high at 117.85 (daily Tenkan) again becomes the initial resistance, ahead of 118.00, the strong resistance at 118.40(daily cloud top) and the stubborn 118.65/80 area."
Jim Langlands, Founder at FXCharts, notes: "Overall, the choppy conditions look set to continue, although the dollar does look as though it may have a mild downside bias, but may have to wait for the NFP on Friday before seeing any real action. Below 117.00, the first support will be at the session low at 116.64 and then at 116.55 (76.4% of 115.85/118.83). On the topside, today’s high at 117.85 (daily Tenkan) again becomes the initial resistance, ahead of 118.00, the strong resistance at 118.40(daily cloud top) and the stubborn 118.65/80 area."