Tuesday, August 2, 2016

The USD/JPY ratio has little movement on Tuesday

The USD/JPY ratio has little movement on Tuesday. Currently, long positions have a majority (65%), indicative of trader bias towards USD/JPY reversing directions and moving to higher ground.
•USD/JPY was flat in the Asian session and has posted considerable losses in the European session
•101.20 is providing support
•There is resistance at 102.36
•Current range: 101.20 to 102.36
The Japanese yen has posted gains on Tuesday, following a lackluster start to the week. USD/JPY is currently trading at 101.80. On the release front, Japan announced the first step in its stimulus package, totaling JPY 13.4 billion. Japanese Consumer Confidence came in at 41.3, short of expectations. We’ll get a look at the BoJ minutes later today. In the US, today’s major event is Personal Spending, with the estimate standing at 0.3%. On Wednesday, the US releases two key events – ISM Non-Manufacturing PMI and ADP Nonfarm Employment Change.