USD/JPY: Closed between key levels, sub 119 handle

FXStreet (Guatemala) - USD/JPY is currently trading at 118.90 with a high of 119.27 and a low of 118.56.

USD/JPY remains around the 119 handle, positioned just below and comes with intent for next week to ride up through on to the handle should the markets continue on the theme of a recovery in the greenback

Today was a better day for the US dollar, as it recovered from the lows of late vs the Yen on better that expected consumer confidence and relatively in line CPI's that follow the theme for a rate hike from the Fed this year. However, technically the pair has been threatening the downside, and a break below 118.79 would cause the charts to deteriorate somewhat towards the 118.33 March 26 low and then the February low at 116.64 as noted by Karen Jones, chief analyst at Commerzbank. On the upside, the bulls would target the pivot at 119.10 and classic R1 at 119.40, finding some resistance here ahead of 119.70 and the psychological 120 handle, putting the major well and truly back in to the range and taking some of the pressure off.