OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/JPY: Are we seeing a turn around?

FXStreet (Guatemala) - USD/JPY is trading at 108.67, down -0.34% on the day, having posted a daily high at 109.39 and low at 108.52.

On a number of counts the USD/JPY is down on it’s knee’s, from comments that there are no hurries to reform plans in relation to the GPIF from the Japanese health minster, the weaker sets of US data and stops triggered on the back of the momentum behind the moves to the downside. Meanwhile, FX Strategists at the Bank of Tokyo Mitsubishi UFJ explained that the fiscal half year-end is approaching for many Japanese companies. Exporters are likely to be active in JPY buying towards the end of the month despite Japan’s trade balance remaining in deficit." The strategists added that it may help to dampen upward momentum for USD/JPY in the week ahead. “However if USD/JPY makes a sustainable break above key long-term resistance at around 109.25, it will likely encourage further speculative yen selling in the near-term”, they explained.

USD/JPY note worthy levels

With spot trading at 108.68, we can see next resistance ahead at 108.69 (Weekly Low), 108.86 (Hourly 100 SMA), 108.89 (Daily Classic PP), 108.96 (Hourly 20 EMA) and 109.03 (YTD High). Support below can be found at 108.61 (Daily Classic S1), 108.52 (Daily Low), 108.46 (Yesterday's Low), 108.44 (Weekly Classic PP) and 108.36 (Hourly 200 SMA).

EUR/USD consolidates above 1.2730

The euro has remained steady against Greenback during the last hours, hovering above 1.2730 headed toward the lowest daily close since November 2012.
Read more Previous

GBP/USD holds above 1.6300

The GBP/USD attempted to recover from 1.6275 support earlier in the American session amid Carney comments on interest rates; however the pair was contained by the 1.6340 where the pair found selling interest and it was launched to 1.6300.
Read more Next
Start livechat