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USD/JPY – Where are the Next Levels in Play?
USD/JPY has been stuck in a narrow range for more than a week as the market tries to assess the probability of September Fed rate hike. Tomorrow’s minutes may give us a clue as to which way the FOMC is leaning and that mat finally nudge the pair into one direction or another.
Although its doubtful that Fed officials will provide a crystal clear message, USD/JPY could pop through the 125.00 figure on any markedly hawkish commentary but it would still need to take out the recent 125.50 highs in order to establish a fresh uptrend.
The downside meanwhile is contained by the 122.50-123.00 level, although a break there would be much more serious sign of decline and could open a test of the 120.00 long term support, indicative of the notion that Fed may not hike at all in 2015.