FXStreet (Guatemala) – USD/JPY is currently trading at 123.40 with a high of 123.67 and a low of 123.21.
USD/JPY is stabilising the downtrend that meets the mid point of the 122 handle and bulls are supporting the major here while there remains a purpose to the bear’s case. The Recent strength in the Yen is fundamental and Japanese officials are calling for a top in USD/JPY at 125, effectively, and this will be a key focus in the week’s BoJ meeting. However, the main driver in the greenback is likely to come from the FOMC, but indeed the Yen has become a major theme in the FX space and it will be surely a dictating week for the pair for weeks to come.
Technically, the ranges are wide, stemming from the 4-month back log and the sticky territory to the recent break to the upside through the top of the bullish triangle that lead to the recent top at 125.84.
USD/JPY is still downside corrective
Kare Jones, chief analyst at Commerzbank explained that despite a recovery towards the end of last week , no resistance of note was overcome, which leaves the market still downside corrective. “The intraday Elliott wave counts have neutralised, which suggests that we may simply consolidate”. Meanwhile…
(Market News Provided by FXstreet)