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USD/JPY bulls in control on strong greenback

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is currently trading at 121.09 with a high of 121.15 and a low of 121.03.

    USD/JPY is steady, despite strong closes on Wall Street once again and a positive open in the Nikkei, although a fair bit of leg work has been by the bulls already from 120.60 territory making highs of 121.20 and moving into a phase of consolidation in the US shift into early Asia.

    The greenback has been the best performer across the board at the start of this week on prospects that the Fed will be hiking interest rates while competing banks struggle towards their inflation targets with economies on the balance of tipping over into recessions and needing to pile in further stimulus to keep the engines running. Today lacks data in Asia and eyes turn to Fed speak and the ADP report in the US session instead.

    USD/JPY levels

    Technically, Valeria Bednarik, chief analyst at FXStreet explained, "In the 4 hours chart, however, the upward momentum faded according to technical readings as the technical indicators have turned slightly lower, despite holding well above their mid-lines. The pair has a major resistance level around 121.45, its 200 DMA, as the level has capped the upside ever since late August, meaning a break above it could trigger large stops, and result in a strong upward continuation towards the 122.00 region."
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