25 May 2015
USD/JPY: Yellen and CPI's set up a possible breakout
FXStreet (Guatemala) - USD/JPY is currently trading at 121.48 with a high of 121.78 and low of 121.43.
USD/JPY remains well placed on the 121 handle on the back of US CPI's lats week and since Yellen's bullish rhetoric that closed the week down ahead of the holiday's setting up a bullish tone and possible breakout in the major. As the week progresses, it will be key for closes to continue on the 12 handle with higher lows if we are going to stand a chance of a breakout of the four month ranges which could result in a fresh era for the major targeting higher levels. There is plenty to trade upon from the data this week, starting with US Durable Goods and BoJ minutes tomorrow.
USD/JPY technically still testing ascending triangle's top
Technically, USD/JPY is on the verge of a break out of the ascending triangle pattern. The price action is irrelevant today over the long weekend but progressing through the week will be key. Bulls will be looking for a daily close that could get us above the 122.00. This would be a bullish event that could open up the start of a new range to the upside, with 125 as the next psychological handle.
USD/JPY remains well placed on the 121 handle on the back of US CPI's lats week and since Yellen's bullish rhetoric that closed the week down ahead of the holiday's setting up a bullish tone and possible breakout in the major. As the week progresses, it will be key for closes to continue on the 12 handle with higher lows if we are going to stand a chance of a breakout of the four month ranges which could result in a fresh era for the major targeting higher levels. There is plenty to trade upon from the data this week, starting with US Durable Goods and BoJ minutes tomorrow.
USD/JPY technically still testing ascending triangle's top
Technically, USD/JPY is on the verge of a break out of the ascending triangle pattern. The price action is irrelevant today over the long weekend but progressing through the week will be key. Bulls will be looking for a daily close that could get us above the 122.00. This would be a bullish event that could open up the start of a new range to the upside, with 125 as the next psychological handle.