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26 Feb 2015
USD/JPY extends gains to 119.25; bias is bullish
FXStreet (San Francisco) - The USD/JPY extended its gains above the 119.00 following mixed economic data in the United States and after climbing over 50 pips from 118.65, the pair rose to find sellers at 119.20 before starting a brief period of consolidation until 119.00.
After that, the USD/JPY began to rise again and now it's testing the 119.25 area. Currently, the pair is up 0.25% on the day, having posted a daily high at 119.25 and low at 118.68. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY levels
According to Chief FX Strategist at Scotiabank Camilla Sutton, “USDJPY is trading in a very tight range, suggesting indecision in markets.” However, Sutton comments that Scotiabank is "biased to be long USDJPY at current levels looking for a test up towards the December highs of 121.85."
If the pair manages to break above 119.20, it will find next resistances at 119.40 and 119.60. To the downside, supports are at 118.90, 118.60 and 118.50.
After that, the USD/JPY began to rise again and now it's testing the 119.25 area. Currently, the pair is up 0.25% on the day, having posted a daily high at 119.25 and low at 118.68. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY levels
According to Chief FX Strategist at Scotiabank Camilla Sutton, “USDJPY is trading in a very tight range, suggesting indecision in markets.” However, Sutton comments that Scotiabank is "biased to be long USDJPY at current levels looking for a test up towards the December highs of 121.85."
If the pair manages to break above 119.20, it will find next resistances at 119.40 and 119.60. To the downside, supports are at 118.90, 118.60 and 118.50.