FXStreet (Guatemala) – USD/JPY is moving in a tight range in Tokyo while there are no data events as a catalyst to take the major out or away from any familiar ranges.
We are stuck around the cluster of moving averages on the daily chart still and we will need to wait for full markets and desks to return in 2016 to see if there can be a break out of any kind in one direction on another. The dollar was mixed overnight while oil came back from recent lows, albeit fading again currently, but the buck was better bid scoring new highs for the last couple of sessions at the mid-point of the 120 handle while US stocks advanced.
We now await nonfarm payrolls and FOMC minutes, Fed chat and any further sentiment that the BoJ might be preparing for explicit extension and or expansions to QQE.
Technically, 123.88 recent highs mark upside potential while the downside on the wide is limited to 118.00 and 116.00 below that. The more immediate supports are 120.24, 119.64/94 while resistances are 120.75/05 and 121.36.
USD/JPY is moving in a tight range in Tokyo while there are no data events as a catalyst to take the major out or away from any familiar ranges.
(Market News Provided by FXstreet)