Monday, August 29, 2016

Japanese yen has posted small gains on Monday

The Japanese yen has posted small gains on Monday. Currently, USD/JPY is trading slightly above the 102 line. On the release front, The US will release the Core PCE Price Index and Personal Spending. In Japan, the focus is on consumer spending indicators, with the release of Household Spending and Retail Sales. On Tuesday, the US will release CB Consumer Confidence, a key indicator.
•USD/JPY posted slight gains in the Asian session and has showed limited movement in European trade
•102.36 was tested in resistance earlier and could break in the North American session
•101.20 is providing support
•Current range:101.20 to 102.36
Further levels in both directions:
•Below: 101.20, 99.71, 98.95 and 97.78
• Above: 102.36, 103.73 and 104.99
USD/JPY ratio is showing little movement, consistent with the lack of movement from USD/JPY. Currently, long positions have a strong majority (71%), indicative of trader bias towards USD/JPY continuing to move to higher ground.