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USD/JPY finishes slightly lower after narrow range day

FXstreet.com (Barcelona) - It was a quiet day for the USD/JPY, trading in a narrow range most of the day finishing just five pips lower at 102.21.

Earlier in the session, Machinery Orders were released out of Japan which came in at 0.3% vs. 0.1% forecast. The print did not seem to have much influence on the pair which is currently trading down 10 pips at 102.11 during early Asia trade. Some market participants may be on the sidelines until next week as the next BOJ Monetary Policy Statement is due out on May 22nd.

From a technical perspective, the pair appears to consolidating gains after the sharp moves higher last week. This is a healthy development on the daily chart and should be monitored closely going into next week. According to the analyst team at FXStreet.com, “The uptrend encountered some sellers above 102.50 producing a short-term supply area, which was respected on Thursday. This market is still a 'buy on dips', so watch demand areas to think about a long play."

Japan Mar Machinery Orders (YoY) rises to 2.4% vs -11.3%

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GBP/USD fell by mid March to fresh 3-year lows around the 1.48 handle, and has recovered ever since , printing a 3-month high at 1.56 by early May. According to Lee Hardman, Currency Analyst at Bank of Tokyo Mitsubishi UMJ: “The pound’s recent upward momentum now appears to be stalling suggesting that the corrective rebound phase may now be complete,” the analyst says, adding: “We believe that it will be followed by further weakness heading into the 2H 2013 with the underlying bear trend still intact,” Lee concludes.
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