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USD/JPY looking for a bullish close on the week

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 back onto the 120 handle and is displaying a final push on the week where the major has been stuck between familiar ranges.

    The major started the week at the midpoint of the current handle and felt pressures to test space below the handle marking lows of 119.67 before a recovery was made pushing back up through the MA's on the hourly chart that are clustered between the tight and sideways range and price action.

    Meanwhile the BoJ left rates and policy on hold while markets are speculating that the end of the month meeting might carry more risk that the BoJ will act and ease policy further while the Fed are sighted to hike rates, possibly before the year is out creating divergence between the Central Banks.

    However, data of late for the US has disappointed and the FOMC minutes sighted concerns for inflation and Global growth as a whole that does not accommodate the conditions right for a rate hike at the moment. Fed's Evans, a dive, has suggested that rates could remain below 1% until the end of 2016.

    USD/JPY making tracks above 200 SMA

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