USD/JPY: Bears taking charge in to closing sessions

FXStreet (Guatemala) - USD/JPY is currently trading at 119.51 with a high of 119.67 and a low of 119.50.

USD/JPY lost ground overnight on a struggling dollar towards the end of the week. The major fell from the key 120 handle and lost over 60 pips. The data in the US was not good and the mood was generally a better offered greenback. For Japan, the next key news will be coming at the end of the month from the BoJ meeting.

However the Central Bank are unlikely to add more stimulus until there is absolute evidence that it is required through either further drops in CPI or more importantly a drop in GDP. Technically, there are many bears around still and rallies have been faded up towards the 120 handle.

Analysts at UOB Group noted explained and said, "We do not view the current up-move as part of a bullish phase but more of a broad consolidation range. For the next couple of weeks, we expect this pair to trade between the 118.50 and 120.85."