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USD/JPY: neutral within familiar ranges - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair surged to a daily high of 120.34 after the European opening, retreating from it ahead of the US opening, even despite the US ADP survey beat expectations by printing 200K for September.

Key Quotes:

"Investors are not quite sure on how to take the news, as US futures were trading strongly higher before it, but seem now to be hesitating on growing speculation the FED may pull the trigger this October.

From a technical point of view, the USD/JPY continues respecting its usual range by the pip, retracing from the 50% retracement of its latest weekly decline.

Short term, the 1 hour chart shows that the 100 and 200 SMAs converge around 120.00 a clear sign of the lack of directional strength, whilst the technical indicators are turning lower after nearing overbought territory.

In the 4 hours chart, the technical indicators maintain its neutral stance, stuck around their mid-lines, as well as the 100 SMA, a few pips below the mentioned Fibonacci resistance."

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