13 Feb 2015
USD/JPY: Back into consolidation ahead of key events
FXStreet (Guatemala) - USD/JPY is trading at 118.74 with a high of 119.20 and a low of 118.40.
USD/JPY is consolidated after dropping back away from the highs and the 100 hour MA where the rally was capped and has sunk back down into 118.30/40 supporting territory. Fundamentally, the bulls are making a hard time of the upside with on going political uncertainty in Europe and bordering states along with volatility in oil.
Next week presents risk around Greece on Monday's Eurogroup meeting along with FOMC minutes further in, Fed Chair Yellen’s semi-annual testimony to Congress 24th February and Japanese GDP later in the week. Techncially, through the 118.00 level brings in the 4 month uptrend at 117.90 that guards the 116.10 support line. to the upside, 120.50 acts as resistance ahead of 121.86 December high then the 122.45 15 year downtrend.
USD/JPY is consolidated after dropping back away from the highs and the 100 hour MA where the rally was capped and has sunk back down into 118.30/40 supporting territory. Fundamentally, the bulls are making a hard time of the upside with on going political uncertainty in Europe and bordering states along with volatility in oil.
Next week presents risk around Greece on Monday's Eurogroup meeting along with FOMC minutes further in, Fed Chair Yellen’s semi-annual testimony to Congress 24th February and Japanese GDP later in the week. Techncially, through the 118.00 level brings in the 4 month uptrend at 117.90 that guards the 116.10 support line. to the upside, 120.50 acts as resistance ahead of 121.86 December high then the 122.45 15 year downtrend.