USD/JPY: bulls not giving in without a fight

By FXStreet FXStreet (Guatemala) – USD/JPY has opened relatively mixed with a slight bid as we progress in the open on the 10 minute sticks, up a handful of pips while the Nikkei opens strongly mirroring the strong performance on Wall Street today.

USD/JPY has been better bid leading into the open on the equity performances in the US having met the 50 SMA on the hourly chart at 119.01 currently. The US session delivered a mixed outlook for the economy while the CPI’s supported a PCE result that might sway the Fed into hiking in December, despite a series of other data printing poorly of late, in line with what Fed officials were discussing today.

The US economy is performing better than the start of the year, but it still does not offer the conditions appropriate for a lift off is the general message which are good conditions for a recovery in equities while the Fed is delayed and weighs on the Yen, that has otherwise been strong of late and threatening a breakout of the recent ranges.

However, analysts at Bank of Tokyo Mitsubishi raised a valid argument for the upside in USD/JPY on further depreciation, …read more

Source:: FX Street