7 Jan 2015
USD/JPY bulls taking the 119 handle in its stride
FXStreet (Guatemala) - USD/JPY currently trades 119.44 with a high at 119.66 and a low of 118.36, currently up on the US shift by 0.81%.
USD/JPY remains in a wide range overall while risk aversion threatens the bulls down to 115.50 vs the grain that is to the upside and targets the 120 psychological handle. The price action has been on the bid and pairing back recent losses that tested the less committed bulls down to the 118 handle.
The Yen will remain supported due to the heightened growth concerns, one of which remains with the price of oil. It is the sheer momentum and steepness of the decline that has heightened investor concerns that displays a lack of global demand for the black stuff and thus implies slower global expansion ahead.
Technically, USD/JPY has moved back into a neutral formations in the short term and moves back into the territory of the Dec formed cloud. 118.00 is key and guards the outlook for a breaths run down to test Dec lows of 115.50. Next up to test the commitment of the bulls are the FOMC minutes - looking for signals within the language around the proposed first rate hike.
USD/JPY remains in a wide range overall while risk aversion threatens the bulls down to 115.50 vs the grain that is to the upside and targets the 120 psychological handle. The price action has been on the bid and pairing back recent losses that tested the less committed bulls down to the 118 handle.
The Yen will remain supported due to the heightened growth concerns, one of which remains with the price of oil. It is the sheer momentum and steepness of the decline that has heightened investor concerns that displays a lack of global demand for the black stuff and thus implies slower global expansion ahead.
Technically, USD/JPY has moved back into a neutral formations in the short term and moves back into the territory of the Dec formed cloud. 118.00 is key and guards the outlook for a breaths run down to test Dec lows of 115.50. Next up to test the commitment of the bulls are the FOMC minutes - looking for signals within the language around the proposed first rate hike.