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26 Jan 2015
USD/JPY up to test key 117.80 resistance
FXStreet (Guatemala) - USD/JPY is recovering from the lows and up to challenge the 117.80 resistance, from 117.36 to 117.79 the high.
The BoJ minutes were released, and although much of the same coming from the BoJ, there was heightened interest in respect to the price of oil given the action coming from the BoC and ECB of late. The minutes revealed that there is some uncertainty around the implications for lower oil for longer, but in the near term this will pressure CPI lower.
The major is frustrating in respect of its lack of direction, having stuck to the wide range between 115.50 and 121.00 since the middle of November. Analysts at Brown Brothers Harriman noted how the USD/JPY, despite repeated tries, has been capped just below JPY118.90 of late. "The RSI leaves room for a further dollar pullback though the MACDs are trying to turn. It is difficult to get excited. We have often suggested that the dollar-yen pair is mostly range-bound. When it looks like it is trending it is moving from one to another".
The BoJ minutes were released, and although much of the same coming from the BoJ, there was heightened interest in respect to the price of oil given the action coming from the BoC and ECB of late. The minutes revealed that there is some uncertainty around the implications for lower oil for longer, but in the near term this will pressure CPI lower.
The major is frustrating in respect of its lack of direction, having stuck to the wide range between 115.50 and 121.00 since the middle of November. Analysts at Brown Brothers Harriman noted how the USD/JPY, despite repeated tries, has been capped just below JPY118.90 of late. "The RSI leaves room for a further dollar pullback though the MACDs are trying to turn. It is difficult to get excited. We have often suggested that the dollar-yen pair is mostly range-bound. When it looks like it is trending it is moving from one to another".