USD/JPY: Taking back ground on 117 handle - FXStreet

FXStreet (Guatemala) - USD/JPY is trading at 117.45 with a high of 117.57 and a low of 117.01.

USD/JPY is up from the lows that came of the Greek news in late US trading yesterday and has started to settle in on the mid point of the 117 handle. Valeria Bednarik, chief analyst at FXStreet explained that from a technical point of view, the 1 hour chart shows that the price struggles around a bearish 100 SMA whilst indicators aim higher above their mid-lines. "In the 4 hours chart however, indicators remain flat in neutral territory, giving no clues about upcoming moves. Either a break below 116.90, or an advance beyond 118.10 is now required to see the pair getting into a more directional trend."

From the calendar, we await the Nonfarm Payrolls tomorrow to give us a direction for the Major. Jane Foley Senior Currency Strategist at Rabobank said that, earlier this week, they argued that profit-taking on USD long positions was likely a function of weaker US data releases and concerns that weak factory orders and the high level on inventories in Q4 could feed through to a more moderate gain in January non-farm payrolls, due tomorrow.