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11 May 2015
USD/JPY better offered in Tokyo
FXStreet (Guatemala) - USD/JPY is currently trading at 119.74 with a high of 119.86 and a low of 119.71.
The USD/JPY trades with a bearish tone post last week's Nonfarm Payroll figures and continues to trade sub the psychological 120 level. The jobs data was mixed, while the consensus for a 226k increase in April non-farm payrolls was not far off from the actual 223k increase. However, This news was tempered by the nearly 40k downward revision to the March report (85k down from 126k of the initial estimate), as analysts at Brown Brothers Harriman explained and added, "However, the unemployment rate slipped to 5.4% from 5.5% despite the 0.1% increase in the participation rate."
There is a lack of drivers from Japan ahead and this week is also relatively light in the US although we have Retail Sales as a major data release lat in the week. USD/JPY's technical indicators lack directional strength in neutral territory and the outlook remains mixed within the familiar ranges. The range has 120.82/84 resistance, which is the December 2014 and the April high. Further out, we have the 14 year downtrend at 122.07.
Bearishly, the 118.33 March 26 low remains familiar ahead of the February low at 116.64. For shorter term analyses, Valeria Bednarik, chief analyst at FXStreet gave an insight here for the hourly chart.
The USD/JPY trades with a bearish tone post last week's Nonfarm Payroll figures and continues to trade sub the psychological 120 level. The jobs data was mixed, while the consensus for a 226k increase in April non-farm payrolls was not far off from the actual 223k increase. However, This news was tempered by the nearly 40k downward revision to the March report (85k down from 126k of the initial estimate), as analysts at Brown Brothers Harriman explained and added, "However, the unemployment rate slipped to 5.4% from 5.5% despite the 0.1% increase in the participation rate."
There is a lack of drivers from Japan ahead and this week is also relatively light in the US although we have Retail Sales as a major data release lat in the week. USD/JPY's technical indicators lack directional strength in neutral territory and the outlook remains mixed within the familiar ranges. The range has 120.82/84 resistance, which is the December 2014 and the April high. Further out, we have the 14 year downtrend at 122.07.
Bearishly, the 118.33 March 26 low remains familiar ahead of the February low at 116.64. For shorter term analyses, Valeria Bednarik, chief analyst at FXStreet gave an insight here for the hourly chart.