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30 Jul 2015
USD/JPY continuing on the bid, scores high 124.08 s0 far
FXStreet (Guatemala) - USD/JPY at 124.03 currently has opened higher along with the equity markets following the positive closes on Wall Street with the FOMC not committing to a rate hike at current economic performance, but leaving the door open.
USD/JPY has popped up in test the 124 handle with a spike of 10 pips where resistance has been dominant throughout the US session. The FOMC==<==/a> has boosted the dollar to some extent, but until labour markets improve, it seems there is no hurry to get the rate hike machine started up as of yet. However, some analysts are sighting a rate hike as early as September. The Japanese data prior to the open was string in the industrial production sector 0.8% vs 0.3% expected and 2.0 YoY vs -3.9 previous.
USD/JPY bid all the way?
If so, technically, the market is making a minor recovery from the base of the cloud and could be heading to the 124.46/69 17th June high and 78.6% retracement on a clear break and close not he 124 handle. From there on, the 124.69 level is the break up point to the 125.86 level as noted by Karen Jones, chief analyst at Commerzbank.
"The market is contained higher in a trend channel and this offers resistance this week at 127.88 – this is our short-term target."
USD/JPY has popped up in test the 124 handle with a spike of 10 pips where resistance has been dominant throughout the US session. The FOMC==<==/a> has boosted the dollar to some extent, but until labour markets improve, it seems there is no hurry to get the rate hike machine started up as of yet. However, some analysts are sighting a rate hike as early as September. The Japanese data prior to the open was string in the industrial production sector 0.8% vs 0.3% expected and 2.0 YoY vs -3.9 previous.
USD/JPY bid all the way?
If so, technically, the market is making a minor recovery from the base of the cloud and could be heading to the 124.46/69 17th June high and 78.6% retracement on a clear break and close not he 124 handle. From there on, the 124.69 level is the break up point to the 125.86 level as noted by Karen Jones, chief analyst at Commerzbank.
"The market is contained higher in a trend channel and this offers resistance this week at 127.88 – this is our short-term target."