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USD/JPY bulls in charge among daily MA cluster

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - USD/JPY is currently trading at 120.59 with a high of 120.55 and a low of 120.33.

    USD/JPY is holding the bid while equities were mixed on the open as we await flow on the board through the next hour on AUD CPI's that are expected positive. The market remains liquid on the back of further easing implications from Central Banks, especially as we approach the BoJ as the key take away even for the week with the FOMC expected to stay on put.

    US durable goods were supporting overnight at -1.2% vs -3.0% expected as a key component to the next FOMC. The PCE indicator, as the Fed's preferred measure is also coming up in the week.

    USD/JPY levels

    Technically, Karen Jones, chief analyst at Commerzbank explained that USD/JPY resistance is at 121.76/122.04 offered by the late August 2015 high, December 2014 high, March 2015 high and the 61.8% retracement. "This remains the break up point to 123.33, the 78.6% retracement and 125.00/28 (the August high).It is tough resistance and it is likely to take several attempts."
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