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26 Feb 2015
USD/JPY: Holding back the supply and steady
FXStreet (Guatemala) - USD/JPY is currently trading at 118.84 with a high of 118.89and a low of 118.81.
USD/JPY is is trailing along in the open as we await Capex from Australia which is likely to be more impacting in Asia now. The Start has been slow, while the Yen is giving a little back from overnight in the US shift while markets listened to the outcome of Yellsn speech for a second day..
Meanwhile, Karen Jones, chief analyst at Commerzbank explained that the pattern is neutral, "USD/JPY saw a strong rebound from the 4 month support line, which halted at 119.84 and the market is back under pressure. Focus is on the 16th February low at 118.11. Failure here should be enough to trigger a slide back to the 116.20 support line. The market has recently failed to sustain a break higher from a converging range, but has yet to break down either – the pattern is neutral. "
USD/JPY is is trailing along in the open as we await Capex from Australia which is likely to be more impacting in Asia now. The Start has been slow, while the Yen is giving a little back from overnight in the US shift while markets listened to the outcome of Yellsn speech for a second day..
Meanwhile, Karen Jones, chief analyst at Commerzbank explained that the pattern is neutral, "USD/JPY saw a strong rebound from the 4 month support line, which halted at 119.84 and the market is back under pressure. Focus is on the 16th February low at 118.11. Failure here should be enough to trigger a slide back to the 116.20 support line. The market has recently failed to sustain a break higher from a converging range, but has yet to break down either – the pattern is neutral. "