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FOREX: USDJPY Consolidates Firm Bounce from Monday’s Low

FOREX
BulletMarketsForeign Exchange Bullets
  • USDJPY has spent the majority of the US session hovering just below the 142.00 mark, broadly consolidating its strong 2% recovery from the Monday’s 139.58 low. Some firmer US data and accompanying upward pressure on US yields has assisted the bounce, as well as profit taking dynamics likely in play following the fresh cycle low for the pair reached this week.
  • Overall, short-term gains are considered corrective as the technical bear trend remains intact. The recent breach of key support at 141.70, the Aug 5 low, confirmed a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 139.00 next, a Fibonacci projection. Firm resistance is 143.81, 20-day EMA.
  • Following the FOMC announcement, the Bank of Japan board is expected to leave its policy interest unchanged at 0.25% on Friday. Policymakers will continue to examine the impact of July's rate hike and volatile financial markets on economic activity and prices at the two-day policy-setting board meeting.
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  • USDJPY has spent the majority of the US session hovering just below the 142.00 mark, broadly consolidating its strong 2% recovery from the Monday’s 139.58 low. Some firmer US data and accompanying upward pressure on US yields has assisted the bounce, as well as profit taking dynamics likely in play following the fresh cycle low for the pair reached this week.
  • Overall, short-term gains are considered corrective as the technical bear trend remains intact. The recent breach of key support at 141.70, the Aug 5 low, confirmed a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. Sights are on 139.00 next, a Fibonacci projection. Firm resistance is 143.81, 20-day EMA.
  • Following the FOMC announcement, the Bank of Japan board is expected to leave its policy interest unchanged at 0.25% on Friday. Policymakers will continue to examine the impact of July's rate hike and volatile financial markets on economic activity and prices at the two-day policy-setting board meeting.