USD/JPY bulls committed back into range

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is currently trading at 119.17 with a high of 119.29 and a low of 118.82.

    USD/JPY is back into the vicinity of the familiar range while bears attempts of a break out are short lived and denying a free ride to the sellers of the 118 handle. The major is back and testing the 20 SMA on the 4hr chart, currently at 119.13. The dollar was back in demand and the pair moved back up onto the 119 handle in a drift since the Europeans bidding.

    USD/JPY levels

    Technically, a break of 116.20 is likely needed to confirm the downside although the 2012-2015 116.87 uptrend should be a tough area of support. Next stop would be 117.50 on a break of 117.90. On the flip side, 119.96 20 day ma guards recent and familiar upside resistance Resistances with last week's high at 120.57 ahead of the 200 day moving average at 120.88.
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