Thursday, October 22, 2015

USD/JPY: Yen drivin' Miss Daisy

FXStreet (Guatemala) - USD/JPY is currently trading at 119.88 with a high of119.97 and a low of 119.82.

USD/JPY is starting out in Tokyo pressing down on the daily cluster of MA's of the 55 and 20 DMA bullish cross that is starting to turn neutral as the downside and bears attempts are prevailing in this elongated consolidation phase that has formed over the last couple of weeks of October.

The Yen took up the driving seat between the pair, albeit at a snail's pace,despite the soft trade data that comes before the BoJ this month, albeit still unexpected to make a move this time around. The Yen however will benefit on soft equities and that is exactly what we are seeing, with Wall Street down and also Asia opening soft.

USD/JPY levels

Technically, we remain in familiar ranges still and we are some way off anything critical on the downside at this stage. The support at 119.10/15 is key ahead of the 2012-2015 uptrend at 116.87. Key upside resistance through the 120.00 level would be at 120.89 and the 200 DMA while market struggles much through 120.20.
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