9 Apr 2015
USD/JPY gaining the 120 psychological handle
FXStreet (Guatemala) - USD/JPY is currently trading at 120.22 with a high of 120.25 and a low of 120.06.
USD/JPY is back in to the 120 territory with a bounce that came of the unexpected hawkish tone with the FOMC minutes overnight. The minutes revealed a split of opinion between committee members of the FOMC and several of whom in fact voted for action to come sooner than later with an interest rate hike proposed for June. This leaves the markets mixed still as the majority had been looking for a dovish tone in the minutes given the dovish statement and press conference post the previous interest rate decision.
Technically, the major is out of the overnight lows and above the pivot in bullish territory. However we remain in familiar ranges and well below yesterday's highs at circa the mid point of the handle. Key support in the broader rage comes as 118.80, and 116.00 before the mid point of December's business down in the 115.50 region while the upside could find supply and decent offers through 120.50/121.00 and 121.20/50 territory.
USD/JPY is back in to the 120 territory with a bounce that came of the unexpected hawkish tone with the FOMC minutes overnight. The minutes revealed a split of opinion between committee members of the FOMC and several of whom in fact voted for action to come sooner than later with an interest rate hike proposed for June. This leaves the markets mixed still as the majority had been looking for a dovish tone in the minutes given the dovish statement and press conference post the previous interest rate decision.
Technically, the major is out of the overnight lows and above the pivot in bullish territory. However we remain in familiar ranges and well below yesterday's highs at circa the mid point of the handle. Key support in the broader rage comes as 118.80, and 116.00 before the mid point of December's business down in the 115.50 region while the upside could find supply and decent offers through 120.50/121.00 and 121.20/50 territory.