FXStreet (Córdoba) – USD/JPY peaked at 124.45, the highest level in 12 years and then pulled back, but managed to hold above 124.00. Price remains steady, currently trading around 124.15, rising for the fifth day in a row.
Market volatility eased since the beginning of the American session, favoring a stabilization of USD/JPY, that is about to have the best monthly performance since November 2014.
The TD Securities Team reminds that USD/JPY is at a critical juncture and the move above 124 suggests the bias remains clearly higher. “Trend momentum remains broadly aligned across a range of timeframes and the overall technical tone of USD/JPY looks constructive and the risk of a serious move up in the USD seems to be building (towards 135)”, wrote analysts from TD Securities.
Data tomorrow and NFP next week
Price action could continue limited for the coming hours until Friday. During the Asian session, economic data from Japan will be released, including inflation, unemployment, industrial production, housing starts and vehicle production while in the US, eyes will lie over the second estimate of the Q2 GDP.
(Market News Provided by FXstreet)