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13 Mar 2015
USD/JPY: Scoring highs on overnight trade
FXStreet (Guatemala) - USD/JPY is currently trading at 121.37 with a high of 121.46 and a low of 121.27.
USD/JPY is bid in the Tokyo open and moving up towards the mid point of the handle and out of the sideways drift that it had been on in the US since the recovery from below 120.80 in London. The greenback was sold off but to an extent before markets consolidated the losses and limited supply ahead of the final sessions of the week. the was a general air of concern over the strength of the greenback this week and poor US retail sales were enough to send the greenback crashing.
Technically, the bulls are safe while above the 120.29 uptrend but should their grip of the handle fail and subsequent price drops below, then there is the 20 and 55 day moving averages that are are located at 119.73/119.00 and guarding the 16th February low at 118.11 ahead of the mid Dec 115.50 level. to the upside, there is a strong 7 year downtrend to contend with.
USD/JPY is bid in the Tokyo open and moving up towards the mid point of the handle and out of the sideways drift that it had been on in the US since the recovery from below 120.80 in London. The greenback was sold off but to an extent before markets consolidated the losses and limited supply ahead of the final sessions of the week. the was a general air of concern over the strength of the greenback this week and poor US retail sales were enough to send the greenback crashing.
Technically, the bulls are safe while above the 120.29 uptrend but should their grip of the handle fail and subsequent price drops below, then there is the 20 and 55 day moving averages that are are located at 119.73/119.00 and guarding the 16th February low at 118.11 ahead of the mid Dec 115.50 level. to the upside, there is a strong 7 year downtrend to contend with.