6 Mar 2015
USD/JPY posts third weekly gain in a row
FXStreet (Córdoba) - USD/JPY reached a 3-month high of 121.27 during the American session as strong US employment data triggered a dollar rally across the board. However, the pair lost momentum and pulled back below the 121.00 level over the last hours.
As the week drafts to an end, USD/JPY has settled in a slim range and it is currently trading the 120.70 area, up 0.49% on the day and on track to post its third weekly gain in a row.
USD/JPY technical perspective
“USD/JPY’s technical profile remains very constructive. Positive signals are evident over multiple time frames and via various studies”, said the TD Securities team. “Gains through 120.50 today have bolstered the bull outlook near-term, new highs would be more constructive for the USD and put the market on track to test major resistance points above the market”.
“We look for USDJPY to progress towards 124/125 fairly quickly if the USD can push through 121.85. We remain bullish and look to buy modest dips from here”, they added. “Support is 120.45/50 but we rather doubt the USD will pullback in a material way just yet”.
As the week drafts to an end, USD/JPY has settled in a slim range and it is currently trading the 120.70 area, up 0.49% on the day and on track to post its third weekly gain in a row.
USD/JPY technical perspective
“USD/JPY’s technical profile remains very constructive. Positive signals are evident over multiple time frames and via various studies”, said the TD Securities team. “Gains through 120.50 today have bolstered the bull outlook near-term, new highs would be more constructive for the USD and put the market on track to test major resistance points above the market”.
“We look for USDJPY to progress towards 124/125 fairly quickly if the USD can push through 121.85. We remain bullish and look to buy modest dips from here”, they added. “Support is 120.45/50 but we rather doubt the USD will pullback in a material way just yet”.