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4 Jun 2015
USD/JPY: New range defined, vulnerable to supply
FXStreet (Guatemala) - USD/JPY is currently trading at 124.38 with a high of 124.41 and a low of 124.20.
USD/JPY is starting out bid in Tokyo, opening and testing the overnight resistance within a newly defined upside range between 124.80 resistance and 123.60 support. The major is holding in on the 124 handle ahead of Nonfarm Payrolls this week and some analysts sight 123 as a buying opportunity. Karen Jones, chief analyst at Commerzbank explained that such supply that followed through would terminate circa 122.40. "Key support is considered to be the 5 month uptrend at 119.20 and while above here we remain bullish."
However, the major is vulnerable on the downside to any prolonged time without a convincing break of the recently established multi year highs. The next target comes at the Dec 125.60 2002 highs while 118.88 comes the lows for May and bottom of the recently formed and higher range.
USD/JPY is starting out bid in Tokyo, opening and testing the overnight resistance within a newly defined upside range between 124.80 resistance and 123.60 support. The major is holding in on the 124 handle ahead of Nonfarm Payrolls this week and some analysts sight 123 as a buying opportunity. Karen Jones, chief analyst at Commerzbank explained that such supply that followed through would terminate circa 122.40. "Key support is considered to be the 5 month uptrend at 119.20 and while above here we remain bullish."
However, the major is vulnerable on the downside to any prolonged time without a convincing break of the recently established multi year highs. The next target comes at the Dec 125.60 2002 highs while 118.88 comes the lows for May and bottom of the recently formed and higher range.