Back
22 Jun 2015
USD/JPY rallies on Monday after two negative weeks
FXStreet (Barranquilla) - The USD/JPY is extending its 100-pip rally from the 122.55 level priced in the Asian session as the pair broke above the 123.30 resistance and now it's trading close to the 123.50 level.
On the weekly basis, the USD/JPY is starting positive for second Monday in a row; however, it didn't mean a good final since the pair closed the last two weeks with red numbers. The Greenback posted on Friday the lowest daily close in almost a month.
Currently, USD/JPY is trading at 123.37, up 0.57% on the day, having posted a daily high at 123.43 and low at 122.56. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY Forecast
According to the latest USDJPY Forecast Poll, investors are seeing retracements in the USD/JPY as buying opportunities: "investors are still betting on higher highs in the USD/JPY, seen recovering ground this quarter."
However, experts such as Anil Panchal from Admiral Markets, "descending trend-line continue supporting pair's decline; though, 121.70 becomes an imp support;" and Richard Perry from Hantec Markets, "I continue to expect a higher low to be in place around 122 before the buying pressure resumes;" point out for the bearish way.
USD/JPY levels
If the pair manages to extend gains, it will find resistances at 123.50, 123.60 and 123.80. To the downside, supports are at 123.00, 122.80 and 122.55.
On the weekly basis, the USD/JPY is starting positive for second Monday in a row; however, it didn't mean a good final since the pair closed the last two weeks with red numbers. The Greenback posted on Friday the lowest daily close in almost a month.
Currently, USD/JPY is trading at 123.37, up 0.57% on the day, having posted a daily high at 123.43 and low at 122.56. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY Forecast
According to the latest USDJPY Forecast Poll, investors are seeing retracements in the USD/JPY as buying opportunities: "investors are still betting on higher highs in the USD/JPY, seen recovering ground this quarter."
However, experts such as Anil Panchal from Admiral Markets, "descending trend-line continue supporting pair's decline; though, 121.70 becomes an imp support;" and Richard Perry from Hantec Markets, "I continue to expect a higher low to be in place around 122 before the buying pressure resumes;" point out for the bearish way.
USD/JPY levels
If the pair manages to extend gains, it will find resistances at 123.50, 123.60 and 123.80. To the downside, supports are at 123.00, 122.80 and 122.55.