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USD/JPY downside robust on tests of key 118.60/80

FXStreet (Guatemala) - USD/JPY is back on track on the bid as investors get out of Yen positions across the board.

However, the major is still someway off any key resistance of any sort and the bulls are a long way calling a victory of any sort while still trading below the key 120 handle.

We may need to wait until today's US shift to see any convictions of a recovery on a stronger set of US data. this might come in the CPI's, but unlikely, but if so this could negate the data of last night in the US session when poor retail sales and PPI's along with bearish headlines with the Beige Book added to the balance that the Fed will not be hiking this month or potentially even in 2015.

USD/JPY levels

The key to this bid today, however, is that price remains above stops clustered around the downside of 118.70, a key support level that opens up prospects for August 24, lows of 116.20. Levels to monitor for a break-out come as 118.70/60 and 121.60 with the four-month level at 125.40

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