Monday, September 14, 2015

USD/JPY resistance at 120.80 denying bullish attempts

FXStreet (Guatemala) - USD/JPY has turned south in the Tokyo open after an early bid up to meet the 120.80 key resistance that has rejected the price here again.


USD/JPY has been consolidating territory on the 120 handle for the best part of the end of last week in risk-off conditions for the most part while uncertainty prevails in markets and among those will be the FOMC this week and whether the Fed will hike rates or not. We also have the BoJ and ears will listening for prospects for further QQE from the Central Bank.

Analysts at Brown Brothers Harriman explained that, "There is only a slightly greater chance that the BOJ moves. Most who expect additional monetary stimulus see it coming next month rather than now. With deflationary forces not convincingly defeated, inflation far from the goal, and economic growth patchy, many think the BOJ has to step up its unorthodox monetary easing."

USD/JPY levels

USD/JPY has the 20 day ma at 120.95 as first resistance ahead of 121.20. The 61.8% retracement is at 121.80 as further resistance and trading below here leaves the downside exposed. To the downside, 118.33/25 are the March lows ahead of 116.15/115.85 2015 low and the recent low.


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