21 Jul 2015
USD/JPY: Bull don't fear, upside still in place
FXStreet (Guatemala) - USD/JPY is currently trading at 123.90 with a high of 124.48 and a low of 123.75.
USD/JPY is recovering back towards the 124 handle on a double bottom while the greenback is losing traction as we progress through the week on less risk appetite in the markets. There has been little catalyst in today's large moves with less volatility while the Greek hype has vanished. that said, a lot can happen in politics in a short space of time and the Yen will be favoured and buoyed on continued uncertainties again once the negotiations for a bailout kick on after Greek parliament is agreed tomorrow and negotiations with the creditors can start.
Meanwhile, recent release of the minutes of the BoJ 18/19 June policy meeting showed members agreeing the underlying trend in inflation will continue to improve. Technically, Karen Jones, Head of FICC Technical Analysis at Commerzbank explained that the pair’s upside remains intact above the 120.41 level.
USD/JPY is recovering back towards the 124 handle on a double bottom while the greenback is losing traction as we progress through the week on less risk appetite in the markets. There has been little catalyst in today's large moves with less volatility while the Greek hype has vanished. that said, a lot can happen in politics in a short space of time and the Yen will be favoured and buoyed on continued uncertainties again once the negotiations for a bailout kick on after Greek parliament is agreed tomorrow and negotiations with the creditors can start.
Meanwhile, recent release of the minutes of the BoJ 18/19 June policy meeting showed members agreeing the underlying trend in inflation will continue to improve. Technically, Karen Jones, Head of FICC Technical Analysis at Commerzbank explained that the pair’s upside remains intact above the 120.41 level.