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26 Feb 2015
USD/JPY rebounds toward 119.00
FXStreet (Córdoba) - A stronger US dollar across the board pushed the USD/JPY pair toward 119.00. Earlier it bottomed at 118.66 and then remained near the lows for several hours. Recently broke above 118.80 and rose to 118.93.
Currently trades at 118.88, slightly higher for the day, with bullish momentum ahead of the release of US economic data, that includes inflation, jobless claims and durable goods orders.
USD/JPY between 117.00 and 121.00?
The bias of the pair for the week ahead is neutral according to Lee Hardman, Currency Analyst at Bank of Tokyo Mitsubishi, with price around 117.00 and 121.00. “Next week, the ADP survey may make USDJPY unstable and volatile further. Strong employment growth will probable support the Fed’s rate hike anticipation and USDJPY rise, though oil price dropping and CPI slow recovery”.
Hardman notes that the weak momentum in equity markets “may make spill-over to USDJPY falling. Japan’s CPI growth and retail sales data this week may decline the USDJPY hike expectation.”
Currently trades at 118.88, slightly higher for the day, with bullish momentum ahead of the release of US economic data, that includes inflation, jobless claims and durable goods orders.
USD/JPY between 117.00 and 121.00?
The bias of the pair for the week ahead is neutral according to Lee Hardman, Currency Analyst at Bank of Tokyo Mitsubishi, with price around 117.00 and 121.00. “Next week, the ADP survey may make USDJPY unstable and volatile further. Strong employment growth will probable support the Fed’s rate hike anticipation and USDJPY rise, though oil price dropping and CPI slow recovery”.
Hardman notes that the weak momentum in equity markets “may make spill-over to USDJPY falling. Japan’s CPI growth and retail sales data this week may decline the USDJPY hike expectation.”