3 Aug 2015
USD/JPY finds support at 123.85; back to test
FXStreet (Orlando) - After being sold at the 124.25 area, the USD/JPY fell around 40 pips on the American session to find support at 123.80, where the pair found a buying interest that sent the pair back to 124.00.
Currently, USD/JPY is trading at 123.99, up 0.07% on the day, having posted a daily high at 124.28 and low at 123.85. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
Earlier in the day, the USD/JPY was rising from 124.00 until find resistance at 124.25 by the time of the US data releases of personal income and spending; then, manufacturing ISM and PMI added pressure to the pair and investors intensified the USD sell. Market is trading in wait and see waiting for Friday's Nonfarm Payrolls data.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
Forecast USDJPY
According to the USDJPY Forecast Poll, experts expect sideways for the USD/JPY near the year high: "mostly seen advancing, some traders are beginning to anticipate a deeper correction movement for the upcoming weeks."
The Forecast Poll expects 123.48 for the next week; 123.62 in the monthly windows; and 124.43 in the next three months.
USD/JPY levels
As for the short term, if the pair extends recovery above 124.00, it will find resistances t 124.25, 124.40 and 124.60. To the downside, supports are at 123.80, 123.50 and 123.30.
Currently, USD/JPY is trading at 123.99, up 0.07% on the day, having posted a daily high at 124.28 and low at 123.85. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
Earlier in the day, the USD/JPY was rising from 124.00 until find resistance at 124.25 by the time of the US data releases of personal income and spending; then, manufacturing ISM and PMI added pressure to the pair and investors intensified the USD sell. Market is trading in wait and see waiting for Friday's Nonfarm Payrolls data.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
Forecast USDJPY
According to the USDJPY Forecast Poll, experts expect sideways for the USD/JPY near the year high: "mostly seen advancing, some traders are beginning to anticipate a deeper correction movement for the upcoming weeks."
The Forecast Poll expects 123.48 for the next week; 123.62 in the monthly windows; and 124.43 in the next three months.
USD/JPY levels
As for the short term, if the pair extends recovery above 124.00, it will find resistances t 124.25, 124.40 and 124.60. To the downside, supports are at 123.80, 123.50 and 123.30.