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3 Aug 2015
USD/JPY: 124 pivotal level holding ahead of busy week
FXStreet (Guatemala) - USD/JPY is currently trading at 124.10 with a high of 124.12 and a low of 123.89.
USD/JPY is an early bid at the start of this week in Asia. The major drifted on to the 124 handle after supply last Friday hit the greenback on the back of the wages data. This data is not usually a market mover. However, given the attention that markets are putting on the variable around the US labour market, especially ahead of the Nonfarm Payrolls this week end coupled with the worst result since records began, it was reasonable enough for investors to take cover else where.
The Yen is somewhat of a side show this week until the BoJ statement and Kuroda speaking but nothing new is expected in the Banks policy or rhetoric. The price is within familiar boundaries with action in the Yen supported on risk-off play and the greenback on data releases ahead of a possible hike from the Fed this September.
Valeria Bednarik, chief analyst at FXStreet explained that the 4 hours chart shows that the price hovers around a horizontal 20 SMA, whilst the technical indicators are showing no actual strength around their mid-lines. Karen Jones, chief analyst at Commerzbank explains that the 124.69 level is the break up point to the 125.86 June peak. "The market is contained higher in a trend channel and this offers resistance this week at 127.88."
USD/JPY is an early bid at the start of this week in Asia. The major drifted on to the 124 handle after supply last Friday hit the greenback on the back of the wages data. This data is not usually a market mover. However, given the attention that markets are putting on the variable around the US labour market, especially ahead of the Nonfarm Payrolls this week end coupled with the worst result since records began, it was reasonable enough for investors to take cover else where.
The Yen is somewhat of a side show this week until the BoJ statement and Kuroda speaking but nothing new is expected in the Banks policy or rhetoric. The price is within familiar boundaries with action in the Yen supported on risk-off play and the greenback on data releases ahead of a possible hike from the Fed this September.
Valeria Bednarik, chief analyst at FXStreet explained that the 4 hours chart shows that the price hovers around a horizontal 20 SMA, whilst the technical indicators are showing no actual strength around their mid-lines. Karen Jones, chief analyst at Commerzbank explains that the 124.69 level is the break up point to the 125.86 June peak. "The market is contained higher in a trend channel and this offers resistance this week at 127.88."