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20 Nov 2015
USD/JPY bullish run is complete
FXStreet (Guatemala) - USD/JPY is currently trading at 122.81 with a high of 123.06 and a low of 122.71.
USD/JPY is in a phase of consolidation at the end of the week with a lack of drivers and we stay with the current theme of doubt over whether the FOMC will hike rates or stay put and what the timings of a rate will mean to markets. The December meeting is tipped for a hike, but there have been some less than hawkish comments this week from various Fed members and the recent minutes were more dovish than expected. The balance is towards a hike although the BoJ have also come back into the picture with Japan recently tipping back into recession.
USD/JPY levels
Technically, analysts at UOB Group explained that the unexpected break of 122.70 indicates that the recent high of 123.67 is the extent of the bullish phase. "While further USD strength will not be surprising further out, the current consolidation phase may last for a week or so. In other words, we are neutral now and expect this pair to trade in a 122.05/123.70 for now."
USD/JPY is in a phase of consolidation at the end of the week with a lack of drivers and we stay with the current theme of doubt over whether the FOMC will hike rates or stay put and what the timings of a rate will mean to markets. The December meeting is tipped for a hike, but there have been some less than hawkish comments this week from various Fed members and the recent minutes were more dovish than expected. The balance is towards a hike although the BoJ have also come back into the picture with Japan recently tipping back into recession.
USD/JPY levels
Technically, analysts at UOB Group explained that the unexpected break of 122.70 indicates that the recent high of 123.67 is the extent of the bullish phase. "While further USD strength will not be surprising further out, the current consolidation phase may last for a week or so. In other words, we are neutral now and expect this pair to trade in a 122.05/123.70 for now."