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16 Mar 2015
USD/JPY: Range bound between key levels
FXStreet (Guatemala) - USD/JPY is currently trading at 121.37 with a high of 121.46 and a low of 121.08.
USD/JPY is capped at 121.40 on a minor recovery attempt and off the 121.20 support that was formed post last weeks rally back out of neutral territory form below 120.80. The greenback regained the leader board into the closing sessions of last week's business ahead f this week's FOMC showdown.
Technically, we remain in familiar ranges in this range bound unit with only a minor effort at the 122 handle through the Dec 2014 highs at 121.80 resistance. Beyond here there is a great deal of congestion to contend with protecting the bears barrier of where 122.33 15-year downtrend is placed. For the downside to open up, the mid point of the 120 handle would mark first key support ahead of the Feb lows of 118.11.
USD/JPY is capped at 121.40 on a minor recovery attempt and off the 121.20 support that was formed post last weeks rally back out of neutral territory form below 120.80. The greenback regained the leader board into the closing sessions of last week's business ahead f this week's FOMC showdown.
Technically, we remain in familiar ranges in this range bound unit with only a minor effort at the 122 handle through the Dec 2014 highs at 121.80 resistance. Beyond here there is a great deal of congestion to contend with protecting the bears barrier of where 122.33 15-year downtrend is placed. For the downside to open up, the mid point of the 120 handle would mark first key support ahead of the Feb lows of 118.11.