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24 Feb 2015
USD/JPY: Technically giving upside benefit of doubt
FXStreet (Guatemala) - USD/JPY is currently trading at 118.90 in the Tokyo open at with a high of 118.95 and a low of 118.77.
USD/JPY is consolidated below 119.00 with little in the way of impetus or motivation from the bulls currently. The main event for the pair will be with Yellen taking the spotlight tomorrow and this could be trigger one way or another to break the shirt term ranges between 118.60/20.
Technically, Karen Jones, chief analyst at Commerzbank said that her team gives the upside the benefit of the doubt while above the 118.56 4 month uptrend on a closing basis. "Initial resistance is the 121.86 December high then the 122.45 15 year downtrend. The 122.45 level will be our target for now while above 118.48. Below the market the 4 month uptrend guards the 116.15 support line."
USD/JPY is consolidated below 119.00 with little in the way of impetus or motivation from the bulls currently. The main event for the pair will be with Yellen taking the spotlight tomorrow and this could be trigger one way or another to break the shirt term ranges between 118.60/20.
Technically, Karen Jones, chief analyst at Commerzbank said that her team gives the upside the benefit of the doubt while above the 118.56 4 month uptrend on a closing basis. "Initial resistance is the 121.86 December high then the 122.45 15 year downtrend. The 122.45 level will be our target for now while above 118.48. Below the market the 4 month uptrend guards the 116.15 support line."