Back
18 May 2015
USD/JPY breakout potential this week
FXStreet (Guatemala) - USD/JPY is currently trading at 119.32 with a high of 119.40 and a low of 119.32.
USD/JPY is trading on the downside of the recent tight ranges. However the week ahead is full of impetus that may see opportunities of a break out while otherwise swing trades may continue to benefit within the medium term range.
For Japan, ahead of Kuroda on Friday, the week holds out for key Gross Domestic Product (QoQ) (Q1), which is a key element to which the BoJ is gauging in respect to their policy outlook while for the US, the calendar is jam packed with first, the FOMC Minutes then Philadelphia Fed Manufacturing Survey (May) and Consumer Price Index (MoM) (Apr) as key data impacts.
Technically, we are trading within familiar parameters with the 119.80 resistance fending the bulls off last week with heavy supply down to 119.20 support leaving the downside exposed and the 118.80 level as a key barrier before 118.30, 11780 and the well defined 116 level. Major resistance comes as 121.95/00 on a break out of 120.50.
USD/JPY is trading on the downside of the recent tight ranges. However the week ahead is full of impetus that may see opportunities of a break out while otherwise swing trades may continue to benefit within the medium term range.
For Japan, ahead of Kuroda on Friday, the week holds out for key Gross Domestic Product (QoQ) (Q1), which is a key element to which the BoJ is gauging in respect to their policy outlook while for the US, the calendar is jam packed with first, the FOMC Minutes then Philadelphia Fed Manufacturing Survey (May) and Consumer Price Index (MoM) (Apr) as key data impacts.
Technically, we are trading within familiar parameters with the 119.80 resistance fending the bulls off last week with heavy supply down to 119.20 support leaving the downside exposed and the 118.80 level as a key barrier before 118.30, 11780 and the well defined 116 level. Major resistance comes as 121.95/00 on a break out of 120.50.