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USD/JPY consolidating a down week after FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - USD/JPY is currently oscillating close to the 120 handle, but lacking conviction while the major is losing directional strength on a mixed outlook from the Central Banks while uncertainty remains supportive of the Yen.

    Stock markets have again been mixed and the Nikkei opened +0.8%. US stocks ended the day positive buoyed by a mixed outlook form the FOMC minutes while members of the committee remain concerned about Global headwinds and low inflation. But still, most members are calling for a rate hike before the year when conditions are expected to be appropriate. Markets are increasingly expected action from the BoJ to ease further and eyes are on the end of month meeting, leaving USD/JPY counter-balanced.

    USD/JPY within familiar ranges

    Technically, USD/JPY is trading within the vicinity of the 50 and 20 SMA's on the hourly chart, with the 200 SMA leaning over the price. We remain with the same key support and resistance at 118.30th March low and 120.88 200 DMA.
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