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USD/JPY on the verge of 2.5 month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - USD/JPY is currently trading at 121.68 with a high of 121.77 and a low of 121.64.

    USD/JPY is in a bullish formation ahead of the key Nonfarm Payrolls event in the US shift tonight and was consolidating, despite very modest offers hitting the table as Tokyo opens mixed following a lackluster close on Wall Street.

    The BoJ governor, Kuroda, will make a speech later in the shift as the next catalyst for USD/JPY while otherwise the theme remains with a Fed that is tipped to hike rates in the Dec and leaves the collective of Central Banks behind, supporting the greenback in its endeavours vs the Yen; so all eyes on Nonfarm Payrolls...

    Nonfarm Payrolls: Can it confirm a December rate hike?

    USD/JPY levels

    Technically, 121.80 is under threat (above the 100 DMA) and challenges the late August highs while the 200 DMA at 121.07 is now left for dust as well as the aforementioned October highs. A score on 122.00 is required as confirmation of a bullish breakout.
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