4 Mar 2015
USD/JPY: Bulls supporting the upside of 119 handle
FXStreet (Guatemala) - USD/JPY is currently trading at 119.73 with a high of 119.83 and a low of 119.46.
USD/JPY remains supported at the top on the 119.80/45 channel. There is a strong theme surrounding the pair with a well placed greenback on board. From a broader perspective however, the major remains a range bound unit and has yet to break through familiar levels on the 120 handle while continued failures bring the 116 handle back into question.
However, a break either way to the extremes may require some impetus, and this week hands itself over as a candidate for that with further key data releases, including further US labour numbers.
Technically, Valeria Bednarik, chief analyst at FXStreet explained, 'In the 4 hours chart the latest candles show long shadows both sides of the board and thin bodies, reflecting the lack of directional strength, whilst the indicators hold in neutral territory."
There is the 16th February low at 118.11 that protects space to 116, while to the upside, resistance comes at the February high at 120.48, 121.86 December high and then string resistance at 122.45, as explained by Karen Jones, chief analyst at Commerzbank.
USD/JPY remains supported at the top on the 119.80/45 channel. There is a strong theme surrounding the pair with a well placed greenback on board. From a broader perspective however, the major remains a range bound unit and has yet to break through familiar levels on the 120 handle while continued failures bring the 116 handle back into question.
However, a break either way to the extremes may require some impetus, and this week hands itself over as a candidate for that with further key data releases, including further US labour numbers.
Technically, Valeria Bednarik, chief analyst at FXStreet explained, 'In the 4 hours chart the latest candles show long shadows both sides of the board and thin bodies, reflecting the lack of directional strength, whilst the indicators hold in neutral territory."
There is the 16th February low at 118.11 that protects space to 116, while to the upside, resistance comes at the February high at 120.48, 121.86 December high and then string resistance at 122.45, as explained by Karen Jones, chief analyst at Commerzbank.