USD/JPY unable to rise back above 120.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY trimmed losses after the release of US jobless claims data and as global equities rebound.

    Earlier the pair bottomed at 119.61 and then bounced to the upside and reached 119.97 before Wall Street opening bell. Then it remains moving in ranges between 119.80 and 119.95.

    At 18:00 GMT, the minutes of the latest Federal Reserve meeting will be release and it could bring volatility to the market. If USD/JPY manages to rise back above 120.00 it could extend the upside toward 120.10 where daily highs lie. On the opposite direction, below 119.80 daily lows would expose.

    USD/JPY headed toward another weekly close around 120.00

    The pair is about to post the fifth consecutive weekly close around 120.00 as it continues to move sideways. Analysts from Bank of Tokyo-Mitsubishi UFJ explained that after last week’s disappointing US employment report the pair tested a key technical support, the weekly 55-MA at 119.30. “The risks appear skewed to the downside in the near-term and a weekly close below would likely trigger accelerated yen strength in the near-term.”
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