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20 May 2015
Remaining sideways on USD/JPY – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team, argues that although USD/JPY technicals remain in favour of a bullish move, Japanese fundamentals say otherwise.
Key Quotes
“The USD/JPY did not react to better-than-expected Japan’s GDP data, which is a bullish signal for this pair. The USD/JPY is close to the resistance at 121.16 (78.4% fibo of 122.04-118.33 slide). Technical analysis suggests that breaking above this level will open the way to 122.04 – the peak in March. The tankan and kijun lines are positively aligned, highlighting the upside potential.”
“However, as Japan’s GDP data showed, the economy is on recovery path and possible further better macroeconomic data from Japan may be negative news for the USD/JPY bulls.”
Key Quotes
“The USD/JPY did not react to better-than-expected Japan’s GDP data, which is a bullish signal for this pair. The USD/JPY is close to the resistance at 121.16 (78.4% fibo of 122.04-118.33 slide). Technical analysis suggests that breaking above this level will open the way to 122.04 – the peak in March. The tankan and kijun lines are positively aligned, highlighting the upside potential.”
“However, as Japan’s GDP data showed, the economy is on recovery path and possible further better macroeconomic data from Japan may be negative news for the USD/JPY bulls.”