20 Jan 2014
USD/JPY remains sideways in a small range
FXstreet.com (Córdoba) - The USD/JPY started the week with the same tone it finished last Friday, moving in a small range with support above 104.15 and resistance below 104.50. In the first hour of the week the pair fell to 104.19 but bounced to the upside and currently settles at 104.27, less than 5 pips below Friday's closing price.
Market activity remains quiet ahead of Chinese economic data to be release in a few hours, that includes GDP, retails sales, industrial production and FAI.
Outlook for the USD/JPY
A week ago the US dollar plummeted against the Yen but then bounced strongly to the upside from 102.85. Nial Fuller, from Learn to Trade the Market continues to see the USD/JPY with a bullish bias, while the market remains above near-term key support at 102.85. “If the market were to rotate lower this week and test that support down near 102.85 we would be watching closely for price action buy signals to trade back in-line with the uptrend”, says Fuller.
Market activity remains quiet ahead of Chinese economic data to be release in a few hours, that includes GDP, retails sales, industrial production and FAI.
Outlook for the USD/JPY
A week ago the US dollar plummeted against the Yen but then bounced strongly to the upside from 102.85. Nial Fuller, from Learn to Trade the Market continues to see the USD/JPY with a bullish bias, while the market remains above near-term key support at 102.85. “If the market were to rotate lower this week and test that support down near 102.85 we would be watching closely for price action buy signals to trade back in-line with the uptrend”, says Fuller.