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17 Jul 2015
USD/JPY heavy and bulls need to convince
FXStreet (Guatemala) - USD/JPY is currently trading at 124.13 with a high of 124.21 and low of 124.11.
USD/JPY is offered in the last opening session in Tokyo for the week. The major has topped out n the 124 handle on the off after staging a decent recovery from previous highs set overnight at 124.17. the supply at that juncture was heavy and squeezed longs down to 123.85.
USD/JPY fundamentals
USD/JPY comes in the form of the divergences on the Central banks again now that the risk associated around the uncertainties of the Greek debacle have settled for the time being as the parliament voted yet t the tight reforms and austerity measures in order to achieve the opportunity of a third bailout from the EZ and to remain in the EZ and euro. In respect of the price action, analysts at The Bank of Tokyo-Mitsubishi UFJ, Ltd. explained that investor concerns surrounding Greece and China have eased supporting more risk seeking behaviour which is weighing on the yen.
USD/JPY technically heavy
Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price stands above its moving averages that anyway lack directional strength, whilst the RSI indicators hovers around the 70 level and the Momentum indicator heads north above 100. "Nevertheless, the pair has been unable to sustain gains above the 124.00 level ever since losing it after topping around 125.85 early June, which means additional confirmations are required to support a new leg higher."
USD/JPY is offered in the last opening session in Tokyo for the week. The major has topped out n the 124 handle on the off after staging a decent recovery from previous highs set overnight at 124.17. the supply at that juncture was heavy and squeezed longs down to 123.85.
USD/JPY fundamentals
USD/JPY comes in the form of the divergences on the Central banks again now that the risk associated around the uncertainties of the Greek debacle have settled for the time being as the parliament voted yet t the tight reforms and austerity measures in order to achieve the opportunity of a third bailout from the EZ and to remain in the EZ and euro. In respect of the price action, analysts at The Bank of Tokyo-Mitsubishi UFJ, Ltd. explained that investor concerns surrounding Greece and China have eased supporting more risk seeking behaviour which is weighing on the yen.
USD/JPY technically heavy
Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price stands above its moving averages that anyway lack directional strength, whilst the RSI indicators hovers around the 70 level and the Momentum indicator heads north above 100. "Nevertheless, the pair has been unable to sustain gains above the 124.00 level ever since losing it after topping around 125.85 early June, which means additional confirmations are required to support a new leg higher."