USD/JPY bears looking for a breakout

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is currently trading at 119.64 with a high of 119.78 and a low of 119.63.

    USD/JPY is feeling the pressures from below the 20 DMA having failed to perform on the upside, the bears are becoming inpatient and pushing for a break out. There was a lack of drivers in the US session, albeit Fed chatter with Bullard staying true to form also, with a hawkish tone looking for liftoff while Tarullo was less encouraging and suggested that it is not appropriate to raise rates.

    USD/JPY key data ahead

    The price has dropped in Asia, despite the lower open in Asia today with stocks following the weaker close on Wall Street. USD/JPY slid from the 119.70 mark to score aforementioned lows. The week ahead will be busy with US data in retails sales, industrial production, CPI's and the beige book while we hold out for the FOMC later in the month and BoJ at the end of the month.

    USD/JPY levels

    The range to monitor for a break out stays with 118.60 and JPY121.60 with the four-month level at 125.40 and the August 24, lows of 116.20.
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