8 Dec 2014
USD/JPY finds support at 120.20; back above 120.50
FXStreet (San Francisco) - After falling around 160 pips from 121.85 negotiated overnight, the US dollar finally found support at 120.20 against the Japanese yen. The USD/JPY is now seeking to trade above 120.50.
Yen is the top winner today as investors are in a phase of profit taking before the 'Abenomics referendum'. The JPY rose throughout the session despite the downward revision of Japanese Q3 GDP.
Currently, USD/JPY is trading at 120.57, down -0.73% on the day, having posted a daily high at 121.85 and low at 120.20. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/JPY sentiment
Regarding to the 'Abenomics referendum', investors may be discounting an Abe victory with a selling Yen as reaction. So, they are closing position for a better positioning after the elections.
Above 120.50, the USD/JPY will find resistances at 121.00 and 121.85. To the downside, supports are at 120.20, 120.00 and 119.40.
Yen is the top winner today as investors are in a phase of profit taking before the 'Abenomics referendum'. The JPY rose throughout the session despite the downward revision of Japanese Q3 GDP.
Currently, USD/JPY is trading at 120.57, down -0.73% on the day, having posted a daily high at 121.85 and low at 120.20. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/JPY sentiment
Regarding to the 'Abenomics referendum', investors may be discounting an Abe victory with a selling Yen as reaction. So, they are closing position for a better positioning after the elections.
Above 120.50, the USD/JPY will find resistances at 121.00 and 121.85. To the downside, supports are at 120.20, 120.00 and 119.40.