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27 Feb 2015
USD/JPY to close its seventh positive month since July; +200 pips monthly gain
FXStreet (San Francisco) - After rallying 50 pips from 119.25 in the American morning, the USD/JPY has been trading sideways in between daily highs at 119.80 and 119.60. The pair is closing positive for the second day and it's ready to close positive for the second week as well.
However, the weekly gain is minimal as the pair has advanced just 65 pips from its weekly opening of 119.00. Yet below the highs reached early February at 120.40.
On the month, the USD/JPY is closing a positive February after the decline performed in January. The pair opened the month at 117.50 and currently it is trading at the mentioned 119.65; thus an over 200 pips gain. Please note that the USD/JPY is closing its seventh positive month of the past 8.
USD/JPY sentiment
The FXStreet Forecast Poll remarks that the "dollar in its own way." According to the forecasters results, some consolidation is expected in the short term, but the CPI effect will drive the USD/JPY to 121.60 in the three months windows.
According to Ross Yamashita from Pro Pipper Trading, "the USD/JPY Weekly chart looks like it may be forming a triangle - which if it turns out to be one, look for the pair to channel then break out to the upside."
However, the weekly gain is minimal as the pair has advanced just 65 pips from its weekly opening of 119.00. Yet below the highs reached early February at 120.40.
On the month, the USD/JPY is closing a positive February after the decline performed in January. The pair opened the month at 117.50 and currently it is trading at the mentioned 119.65; thus an over 200 pips gain. Please note that the USD/JPY is closing its seventh positive month of the past 8.
USD/JPY sentiment
The FXStreet Forecast Poll remarks that the "dollar in its own way." According to the forecasters results, some consolidation is expected in the short term, but the CPI effect will drive the USD/JPY to 121.60 in the three months windows.
According to Ross Yamashita from Pro Pipper Trading, "the USD/JPY Weekly chart looks like it may be forming a triangle - which if it turns out to be one, look for the pair to channel then break out to the upside."