5 Aug 2015
USD/JPY: awaiting a breakout data event of sort
FXStreet (Guatemala) - USD/JPY is currently trading at 124.33 with a high of 124.41 and a low of 123.79.
USD/JPY has been in consolidation of the upside and fails to break above previous highs along the hourly sticks with the end of July business out of reach for the time being, capped by June highs.
The Yen has garnered a little bid on the back of recent comments from the BoJ's Kuroda, when he was explaining that inflation will pick up quickly in the latter half of this fiscal year and that the Central Bank sees no further monetary stimulus as required. The BoJ this week will likely stay on hold and maintain an upbeat assessment of the economy and will remain data-dependent with an easing bias, keeping JGB yields low for the rest of the year.
Fed's Lockhart was the main news overnight in late NY when he transferred from his usual dovish stance to suggest that September timing may be appropriate. The Yen was one of the more resilient of the majors to the move though and only moved within a range of 38 pips with tough resistance capping the pair below the aforementioned 124.57 July at highs. We await the BoJ and the Nonfarm payrolls for the end of the week with a consensus coming in a range around 210k.
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USD/JPY capped by 17th June highs
Karen Jones, chief analyst at Commerzbank explained that USD/JPY continues to sit just below the resistance offered by the 124.46/69 17th June high and 78.6% retracement. "We remain positively biased and would continue to buy the dips and these will ideally hold over the 123.01 27th July low. Failure here would allow further slippage towards the base of the daily cloud, which comes in circa 122.18."
USD/JPY has been in consolidation of the upside and fails to break above previous highs along the hourly sticks with the end of July business out of reach for the time being, capped by June highs.
The Yen has garnered a little bid on the back of recent comments from the BoJ's Kuroda, when he was explaining that inflation will pick up quickly in the latter half of this fiscal year and that the Central Bank sees no further monetary stimulus as required. The BoJ this week will likely stay on hold and maintain an upbeat assessment of the economy and will remain data-dependent with an easing bias, keeping JGB yields low for the rest of the year.
Fed's Lockhart was the main news overnight in late NY when he transferred from his usual dovish stance to suggest that September timing may be appropriate. The Yen was one of the more resilient of the majors to the move though and only moved within a range of 38 pips with tough resistance capping the pair below the aforementioned 124.57 July at highs. We await the BoJ and the Nonfarm payrolls for the end of the week with a consensus coming in a range around 210k.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
USD/JPY capped by 17th June highs
Karen Jones, chief analyst at Commerzbank explained that USD/JPY continues to sit just below the resistance offered by the 124.46/69 17th June high and 78.6% retracement. "We remain positively biased and would continue to buy the dips and these will ideally hold over the 123.01 27th July low. Failure here would allow further slippage towards the base of the daily cloud, which comes in circa 122.18."