Back
4 Mar 2015
USD/JPY holds above 119.50
FXStreet (Córdoba) - USD/JPY peaked earlier at 119.81 and then bounced back to the downside. The decline was again capped by he 119.50 area. At the moment, it trades at 119.60/65, around the same level it closed yesterday as traders await the US ADP employment report ahead of Friday’s NFP.
Yesterday the US dollar retreated from 2-week highs at 120.25 and bottomed during the American session at 119.35. Since then it has been moving sideways.
USD/JPY waiting for next move
Since late December the pair has remained relatively steady, trading mostly around 118 - 119. “USD/JPY has remained stable and we maintain that the next big move higher can only come once the markets become more convinced on the timing of the first rate increase from the Fed. Market conviction might become clearer after Friday’s payrolls data”, explained Derek Halpenny, European Head of Currency Strategy at the Bank of Tokyo Mitsubishi UFJ. According to Halpenny the one other element of uncertainty over the coming weeks is the approach of fiscal year-end in Japan.
Yesterday the US dollar retreated from 2-week highs at 120.25 and bottomed during the American session at 119.35. Since then it has been moving sideways.
USD/JPY waiting for next move
Since late December the pair has remained relatively steady, trading mostly around 118 - 119. “USD/JPY has remained stable and we maintain that the next big move higher can only come once the markets become more convinced on the timing of the first rate increase from the Fed. Market conviction might become clearer after Friday’s payrolls data”, explained Derek Halpenny, European Head of Currency Strategy at the Bank of Tokyo Mitsubishi UFJ. According to Halpenny the one other element of uncertainty over the coming weeks is the approach of fiscal year-end in Japan.