USD/JPY: bulls pipe-up as we await key US events
|USD/JPY has opened in Tokyo with a tentative bid following the mixed U.S. session, yet stronger greenback.
USD/JPY has edged higher to test the mid-point of the 100 handle yet again, reaching fresh highs of 100.62 and just about surpassing overnight highs of 2 pips lower while the 200 sma on the 1hr chart could off support at 100.44 s the base of the bullish previous hourly stick, offering the basis for a renewed leg higher on follow through as we await key data from the U.S.
The U.S. will now offer durable goods, the Jackson Hole and US GDP, all of which are key events that the market has been building up to this week. While there has been plenty of hype, Yellen needs to meet expectations and deliver comments and guidance and if she doesn't it will be a huge disappointment that could knock some steam out of the greenback, especially if the US GDP or durable goods disappointment yet again considering their poor track records of late.
USD/JPY levels
With spot trading at 100.53, we can see next resistance ahead at 100.62 (Yesterday's High), 100.63 (Daily High), 100.68 (Daily Classic R1), 100.91 (Daily Classic R2) and 101.21 (Daily Classic R3). Support below can be found at 100.47 (Hourly 200 SMA), 100.45 (Daily Open), 100.45 (Weekly High), 100.42 (Weekly Classic PP) and 100.41 (Hourly 20 EMA). Looking to candlestick patterns, we can see a Piercing Line formation on the 4-hour chart.
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