Back
15 Apr 2015
USD/JPY: Bulls chasing pips to the upsdie
FXStreet (Guatemala) - USD/JPY is currently trading at 119.52 with a high of 119.59 and a low of 119.35.
USD/JPY is stepping up the gas a little and rising on a drift that has accelerated in pace in Tokyo, albeit relative to a slow day and represents about just 10 pips to the upside in the opening 30 minutes. The downside remains in charge overall and the major trades heavily below the 120 handle, suffering the supply from 120.80 and subsequent stages of offers there after to recent lows embarking on the 119.00 level.
Technically, key support to the downside on a break of the 119.00 level comes at 118.33 March 26 low ahead of the February lows at 116.64. And in the same wide range, to the upside, as noted by chief analyst, Karen Jones at Commerzbank, "A rise and daily chart close above the 120.82 late December high would indicate, though, that a low was formed at 118.33 in March and that the December and March highs at 121.86/122.04 are to be retested."
USD/JPY is stepping up the gas a little and rising on a drift that has accelerated in pace in Tokyo, albeit relative to a slow day and represents about just 10 pips to the upside in the opening 30 minutes. The downside remains in charge overall and the major trades heavily below the 120 handle, suffering the supply from 120.80 and subsequent stages of offers there after to recent lows embarking on the 119.00 level.
Technically, key support to the downside on a break of the 119.00 level comes at 118.33 March 26 low ahead of the February lows at 116.64. And in the same wide range, to the upside, as noted by chief analyst, Karen Jones at Commerzbank, "A rise and daily chart close above the 120.82 late December high would indicate, though, that a low was formed at 118.33 in March and that the December and March highs at 121.86/122.04 are to be retested."