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1 Jul 2015
USD/JPY bid in Tokyo despite bullish Tankan
FXStreet (Guatemala) - USD/JPY is currently trading at 122.46 with a high of 122.49 and a low of 121.34.
USD/JPY is bid on the Tokyo open despite a very post positive Japanese data released prior to the open.
USD/JPY price action
USD/JPY has been relatively strong over night and making a recovery in European and US trade post yesterday's late sell off in Asia. The major has been traded within a narrow price of 121.93, London lows, and 122.60 in the afternoon of London trade. The US session was a drift up from 121.96 to current levels 122.30/50's. The price has stayed below this week's opening gap so far and the bullish recovery is threatening the descending resistance from 123.20.
USD/JPY risk off fundamentals and positive Japanese Tankan data
USD/JPY is struggling in a risk-off environment below the bearish opening gap at the start of the Asian week following the negative developments in Greece. Today, there were headlines that a new Greek proposal was put forward to the Eurogroup before this weekend's referendum that has otherwise been scheduled. However, it seems that there will not be anything negotiated until after the weekend's results as reported to be said by Dijsselbloem who suggested that there can only be a debate on further proposal after a referendum.The latest developments overnight were that all four major Greek banks have been downgraded by the S&P to 'Selective Default'.
Meanwhile, from the calendar, the Japanese Tankan offered an improved outlook for the Japanese economy. The most positive result came in the Tankan Large All Industry Capital Expenditure that is measuring the capital expenditure (capex) of all the Japanese industries except the financial industry reading a very large print of print of +9.3% vs 5.2% reuters poll and -1.2% prior in Japan's Tankan series.
USD/JPY is technically neutral/bearish
The major remains well supported and the bearishness is diminishing on follow through in Tokyo. However, on continued uncertainty there is a bearish bias where 121.80 comes as next key support guarding 120.40 and remaining bearish below the start of week's bearish gap. 122.34 needs to give guarding 122.20 and the ascending support from 121.97. 123.20 guards 124 and 124.37.
USD/JPY is bid on the Tokyo open despite a very post positive Japanese data released prior to the open.
USD/JPY price action
USD/JPY has been relatively strong over night and making a recovery in European and US trade post yesterday's late sell off in Asia. The major has been traded within a narrow price of 121.93, London lows, and 122.60 in the afternoon of London trade. The US session was a drift up from 121.96 to current levels 122.30/50's. The price has stayed below this week's opening gap so far and the bullish recovery is threatening the descending resistance from 123.20.
USD/JPY risk off fundamentals and positive Japanese Tankan data
USD/JPY is struggling in a risk-off environment below the bearish opening gap at the start of the Asian week following the negative developments in Greece. Today, there were headlines that a new Greek proposal was put forward to the Eurogroup before this weekend's referendum that has otherwise been scheduled. However, it seems that there will not be anything negotiated until after the weekend's results as reported to be said by Dijsselbloem who suggested that there can only be a debate on further proposal after a referendum.The latest developments overnight were that all four major Greek banks have been downgraded by the S&P to 'Selective Default'.
Meanwhile, from the calendar, the Japanese Tankan offered an improved outlook for the Japanese economy. The most positive result came in the Tankan Large All Industry Capital Expenditure that is measuring the capital expenditure (capex) of all the Japanese industries except the financial industry reading a very large print of print of +9.3% vs 5.2% reuters poll and -1.2% prior in Japan's Tankan series.
USD/JPY is technically neutral/bearish
The major remains well supported and the bearishness is diminishing on follow through in Tokyo. However, on continued uncertainty there is a bearish bias where 121.80 comes as next key support guarding 120.40 and remaining bearish below the start of week's bearish gap. 122.34 needs to give guarding 122.20 and the ascending support from 121.97. 123.20 guards 124 and 124.37.