22 Dec 2014
USD/JPY probing 120.00
FXStreet (Guatemala) - USD/JPY is trading at 119.89, up 0.29% on the day, having posted a daily high at 120.03 and low at 119.31.
USD/JPY is trading with a bullish bias in holiday season while we await a number of key data releases this week from not only the US but Japan also. The 120.00 level has already been achieved, trading there for the first time since 9th Dec. A good closes above 120.00 would be a good start for the bulls this week while Durable goods and GDP are expected from the US.
For Japan, Analysts at Brown Brothers Harriman explained that two key takeaways are likely: “First, the data is likely to show a little improvement in the real economy after a poor start to Q4. Second, the weakness of the yen is unlikely to have filtered into higher consumer prices yet. The core CPI, when adjusted for the sales tax hike, will slip further below 1%. If the BOJ cannot find some way to adjust its views to look past the drop in oil prices, then the market will expect it to do more as the inflation target becomes more elusive”.
USD/JPY is trading with a bullish bias in holiday season while we await a number of key data releases this week from not only the US but Japan also. The 120.00 level has already been achieved, trading there for the first time since 9th Dec. A good closes above 120.00 would be a good start for the bulls this week while Durable goods and GDP are expected from the US.
For Japan, Analysts at Brown Brothers Harriman explained that two key takeaways are likely: “First, the data is likely to show a little improvement in the real economy after a poor start to Q4. Second, the weakness of the yen is unlikely to have filtered into higher consumer prices yet. The core CPI, when adjusted for the sales tax hike, will slip further below 1%. If the BOJ cannot find some way to adjust its views to look past the drop in oil prices, then the market will expect it to do more as the inflation target becomes more elusive”.