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10 Feb 2015
USD/JPY bulls need 119.25 to give
FXStreet (Guatemala) - USD/JPY is trading at 118.59 with a high of 118.67 and a low of 118.52.
USD/JPY has been steady around the open and is trading in neutral territory once again after staging an impressive run-up on last week's Nonfarm Payrolls. The rally went from 117.20 and found the 119 handle, with attempts at 119.20 failing. This left the bulls in limbo and bears took advantage. The bulls were then squeezed in a drift to the downside where 118.35 has been stepping up as support. The Yen will benefit in risk off markets while we await the outcome around the Greece situation in the EZ this week post an emergency meeting on Wednesday evening in Europe.
Technically, Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart indicators retraced from overbought territory, but remain well above their mid-lines, far from anticipating a downward move. "Nevertheless, if the price losses the 118.40 level, the risk will increase towards the 117.65 level. An advance above 118.80 should bring some relief to bulls, but it will take an extension above 119.25 to see the pair running higher all through this Tuesday."
USD/JPY has been steady around the open and is trading in neutral territory once again after staging an impressive run-up on last week's Nonfarm Payrolls. The rally went from 117.20 and found the 119 handle, with attempts at 119.20 failing. This left the bulls in limbo and bears took advantage. The bulls were then squeezed in a drift to the downside where 118.35 has been stepping up as support. The Yen will benefit in risk off markets while we await the outcome around the Greece situation in the EZ this week post an emergency meeting on Wednesday evening in Europe.
Technically, Valeria Bednarik, chief analyst at FXStreet noted that in the 4 hours chart indicators retraced from overbought territory, but remain well above their mid-lines, far from anticipating a downward move. "Nevertheless, if the price losses the 118.40 level, the risk will increase towards the 117.65 level. An advance above 118.80 should bring some relief to bulls, but it will take an extension above 119.25 to see the pair running higher all through this Tuesday."