FXStreet (Barcelona) – The AceTrader Team believes that the firm USD tone suggests USD/JPY dips remain a buy for 125.50.
Key Quotes
“Today, as dlr has maintained a firm undertone in Tokyo morning, suggesting buying the usd/jpy pair on dips for further headway towards 125.50 is recommended.”
“Having said that, price needs to clear reported offers at 125.00 to make further headway later, however, reckon 2002 peak at 125.74 may hold on the 1st attempt n yield pullback later.”
“In NY session, investors should pay attention to the release of U.S. factory orders. Market expects the U.S. factory orders to gain 0.2% in April compare to 2.1% in preceding month.”
“At present, initial bids are reported at 124.60-50 and more below with some stops (not large) below 122.30.”
“On the upside, offers are noted at 125.00-10 with stops above 125.30.”
(Market News Provided by FXstreet)