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USD/JPY lined up on 120 handle for an interesting week

FXStreet (Guatemala) - USD/JPY is currently trading at 120.00 with a high of 120.11 and a low of 119.87.

USD/JPY is steady on a positive Asian open on the Nikkei after the strong close on the Wall Street on Friday. The corporate sector had a sigh of relief at the end of last week's business while the US Nonfarm Payrolls number was a dismal outcome and means that the Fed are highly unlikely to hike rates this month or even this year, while all months are live.

Meanwhile, the Yen has garnered support on uncertainty and this week comes with the FOMC minutes which could offer a dovish tone and add a further upside case to the Yen. However, the greenback was making a full recovery by the end of play on Friday and showed that the market considered the dollar cheap on the 119 handle.

USD/JPY near term levels

Technically, we are within familiar ranges still, with the 200 DMA a pinnacle level on the 120 handle, a break through 120.90 could be a fade as markets remain uncertain on a number of counts while bulls target 121.20/30 September highs. On follow throughs, 121.76/79 is the late August high and the 61.8% retracement. To the downside, 118.67 was Friday's low ahead of the March lows of 118.33.

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