5 Jun 2015
USD/JPY headed for 128.00 on measured target
FXStreet (Guatemala) - USD/JPY is currently trading at 124.38 with a high of 124.41 and a low of 124.20.
USD/JPY has held form on the 125 handle having taken on levels last traded back in 2002 on the back of the Nonfarm Payrolls upside surprise. The major is now in very bullish territory both fundamentally and technically with yields spreads widening, indicating a Fed hike is on the cards for October, 50/50 for September and while the BoJ are committing form to their QQE programme creating a massive divergence between the banks. However, not all is lost for the bears and the Fed will remain data dependent still according to Fed's Dudley.
Meanwhile and technically, based on a measured upside target from an ascending triangle and Karen Jones's outlook, chief analyst at Commerzbank,
the Elliott wave count on the intraday chart is suggesting any retracement is expected to be shallow ahead of gains to 128.00/15.
USD/JPY has held form on the 125 handle having taken on levels last traded back in 2002 on the back of the Nonfarm Payrolls upside surprise. The major is now in very bullish territory both fundamentally and technically with yields spreads widening, indicating a Fed hike is on the cards for October, 50/50 for September and while the BoJ are committing form to their QQE programme creating a massive divergence between the banks. However, not all is lost for the bears and the Fed will remain data dependent still according to Fed's Dudley.
Meanwhile and technically, based on a measured upside target from an ascending triangle and Karen Jones's outlook, chief analyst at Commerzbank,
the Elliott wave count on the intraday chart is suggesting any retracement is expected to be shallow ahead of gains to 128.00/15.