JPY Trading Outlook
USD/JPY: The pair managed to hold above 102 after weak ADP and ISM PMI data ahead of NFP report. Cloud resistance at 102.50 was tested earlier this morning, but soft US data and further worrisome in Ukraine pulled USD/JPY back to 102.25-35 area. More demand reported into the daily Kijun & 200 HMA by 102.10 and Tenkan by 102.
USD/JPY: Due to Putin's statement, the pair rallied above 102, retook the Tenkan & Kijun at 102.01/102.10 but is now stalling at Friday's high of 102.30, below the cloud base at 102.50. Market awaits for Nikkei opens in early Asia and will try to position themselves for Non-Farm Employment.
USD/JPY: Tensions from Ukraine made investors moved to the safe heaven, the Japanese Yen. However, losses was limited from this pair as enormous bids ahead of 101, which is the weekly Kijun line support. Real money sold at NY morning bounce to 101.55, but ran into 1.5+ yards of bids in the mid 101.30s, stalling around 101.30-40s
USD/JPY: Correlation between the Nikkei and S&P broke down. Bulls failed to push higher even though S&P blasted into new record territory on the back of beats in Chicago PMI and Consumer confidence from last week. The pair gapped lower as investors moves to safe heaven, JPY, causing the pair dropped to a low of 101.30 in early Asia.
Go to Japanese Yen (JPY) Archive