Saturday, October 24, 2015

USD/JPY: bulls back in the game after China cuts

FXStreet (Guatemala) - USD/JPY is currently trading at 121.34 with a high of 121.39 and a low of 120.21.

USD/JPY is currently trading in bullish territory having traded through the the 200 DMA for sixth time since late August's major recovery from the 116 handle. The dollar is back in vogue after yesterday's dovish ECB and China's rate cut. The Yen is also struggling across the board, besides the euro, as equities pick up the pace while the Fed is delayed in hiking and the ECB is speculated to add more stimulus in December while PBoC acts accordingly to free up liquidity.

USD/JPY levels

Technically, Karen Jones, chief analyst at Commerzbank explained that the market will find tough resistance at 121.76/79, the late August high and the 61.8% retracement. "This remains the break up point to 123.33, the 78.6% retracement and 125.00/28 (the August high)."
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