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2 Feb 2015
USD/JPY bulls back onto the 117 handle with work to do
FXStreet (Guatemala) - USD/JPY is currently trading at 117.28 with a high of 117.39 and back off the lows printed earlier in the open below the handle.
USD/JPY bears took out stops which printed a low at 116.88 creating a gap that is being filled currently as we progress through the open in Tokyo. The week ahead is a new month so we have the Nonfarm payrolls on Friday as well as the unemployment rate which are likely to take the spotlight and attention away from last week's GDP disappointments in the US.
Technically, we remain in familiar ranges and the greenback continues to have a bullish bias surrounding it, which would take it up through the same resistances we have been living with for the past weeks. The 55 day ma comes in at 118.70 which is likely to remain touch resistance, beyond that we are looking at 122.58/123.40 as the 14 year downtrend and major resistance and the long term Fibonacci retracement as noted by Karen Jones, chief analyst at Commerzbank.
USD/JPY bears took out stops which printed a low at 116.88 creating a gap that is being filled currently as we progress through the open in Tokyo. The week ahead is a new month so we have the Nonfarm payrolls on Friday as well as the unemployment rate which are likely to take the spotlight and attention away from last week's GDP disappointments in the US.
Technically, we remain in familiar ranges and the greenback continues to have a bullish bias surrounding it, which would take it up through the same resistances we have been living with for the past weeks. The 55 day ma comes in at 118.70 which is likely to remain touch resistance, beyond that we are looking at 122.58/123.40 as the 14 year downtrend and major resistance and the long term Fibonacci retracement as noted by Karen Jones, chief analyst at Commerzbank.