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9 Jan 2015
USD/JPY price action turning positive sub 120 handle
FXStreet (Guatemala) - USD/JPY has been a slow steady threat to the upside, scoring a recent high below the 120 handle.
The price action of late has been mixed while Ipek Ozkardeskaya, market analyst at Swissquote explained that option bets are skewed downwards at 120.00. However while above 118.85, there are still the prospects for an attempt at the 121.86 recent high.
Data wise, Nonfarm Payrolls could be the catalyst for a move higher if it is shown that the labour markets was strong into the year end of 2014. A move onto the Dec highs in the USD/JPY would bring about the 122.58/123.40 major resistance into the picture, where Karen Jones, chief analyst at Commerzbank, notes this as the location of the 14 year downtrend and the long term Fibonacci retracement.
The price action of late has been mixed while Ipek Ozkardeskaya, market analyst at Swissquote explained that option bets are skewed downwards at 120.00. However while above 118.85, there are still the prospects for an attempt at the 121.86 recent high.
Data wise, Nonfarm Payrolls could be the catalyst for a move higher if it is shown that the labour markets was strong into the year end of 2014. A move onto the Dec highs in the USD/JPY would bring about the 122.58/123.40 major resistance into the picture, where Karen Jones, chief analyst at Commerzbank, notes this as the location of the 14 year downtrend and the long term Fibonacci retracement.