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USD/JPY: mixed sentiment, so staying the neutral course

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - USD/JPY is currently trading at 119.48 with a high of 119.55 and a low of 119.45.

    USD/JPY has maintained its familiar non directional form at the start of the week in European and US markets and rolls over into today's Tokyo open a little higher than Europe's lows of 119.25.

    USD/JPY took up some supply as investors dissected China's GDP for Q3 coming in the lowest since 2009, falling just shy of the 200 SMA on the 30-minute sticks. However, investors took some comfort elsewhere other than falling commodity prices and the greenback garnered strength and moves now towards the 200 SMA on the hourly chart at 119.57. Risks today are limited today for the major and familiar ranges are expected while the focus status with the FOMC and BoJ later in the month.

    USD/JPY levels

    Technically, the familiar ranges remain in place, with the major downside target comes as the 2012-2015 uptrend at 116.87 while the key resistance comes as 119.80 (R1) ahead of 120.89 200 DMA. The price is now back at the pivot (119.32) with immediate targets at 118.80 for the bears and 119.80 guarding 120.88 and the 200 DMA for the bulls.
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