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14 May 2015
USD/JPY: Bears flexing their muscles with a peek at 118 handle
FXStreet (Guatemala) - USD/JPY is currently trading at 119.15 with a high of 119.34 and a low of 118.88.
USD/JPY has finally penetrated the 119 handle to the downside to print the lows for May so far. There has been a lack of data for the major other than third tier from the US today, but markets will keep with the theme that the US is not performing as strongly as what the data dependent Fed had been anticipating while the recent Nonfarm Payrolls and additional retail sales this were both a miss and underpinning a poor outlook for Q2.
Technically, the outlook remains mixed but comes with a downside bias while pressures are mounting with lower highs. We have the same 120.82/84 resistance in the main on the 120 handle being the December 2014 and the April high. Bulls will look for a test of the 14 year downtrend at 122.07 through there. Through 119.65, to the downside, 118.80 and 118.40 come in as next key supports.
USD/JPY has finally penetrated the 119 handle to the downside to print the lows for May so far. There has been a lack of data for the major other than third tier from the US today, but markets will keep with the theme that the US is not performing as strongly as what the data dependent Fed had been anticipating while the recent Nonfarm Payrolls and additional retail sales this were both a miss and underpinning a poor outlook for Q2.
Technically, the outlook remains mixed but comes with a downside bias while pressures are mounting with lower highs. We have the same 120.82/84 resistance in the main on the 120 handle being the December 2014 and the April high. Bulls will look for a test of the 14 year downtrend at 122.07 through there. Through 119.65, to the downside, 118.80 and 118.40 come in as next key supports.