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25 Feb 2015
Yen in holding pattern as markets monitor Yellen’s testimony – MP
FXStreet (Barcelona) - Kenny Fisher, Currency Analyst at MarketPulse, shares the key technical levels and the outlook for USD/JPY, with the pair trading having tested the support at 118.69 in the Asian trade, but remains within the 118.69-119.83 range.
Key Quotes
“The Japanese yen is unchanged on Wednesday, as USD/JPY trades in the high-118 range in the European session. There are no Japanese releases on Wednesday. In the US, Federal Reserve head Janet Yellen continues a second day of testimony in Congress. We’ll get a look at New Home Sales during the day, with the markets expecting a softer reading in the January report.”
“USD/JPY edged lower in the Asian session, testing support at 118.69.”
“118.69 is a weak support line. 117.49 is stronger.”
“119.83 is a strong resistance line.”
“Current range: 118.69 to 119.83”
“Further levels in both directions:
Below: 118.69, 117.49, 116.69, 115.56 and 113.83
Above: 119.83, 120.63, 121.69 and 122.19”
Key Quotes
“The Japanese yen is unchanged on Wednesday, as USD/JPY trades in the high-118 range in the European session. There are no Japanese releases on Wednesday. In the US, Federal Reserve head Janet Yellen continues a second day of testimony in Congress. We’ll get a look at New Home Sales during the day, with the markets expecting a softer reading in the January report.”
“USD/JPY edged lower in the Asian session, testing support at 118.69.”
“118.69 is a weak support line. 117.49 is stronger.”
“119.83 is a strong resistance line.”
“Current range: 118.69 to 119.83”
“Further levels in both directions:
Below: 118.69, 117.49, 116.69, 115.56 and 113.83
Above: 119.83, 120.63, 121.69 and 122.19”