19 Jan 2015
USD/JPY recovery remains alive
FXStreet (Edinburgh) - After dipping to sub-117.00 levels overnight, USD/JPY managed to recover the ground lost and is now assaulting the area of 117.40.
USD/JPY paring losses
The pair remains on track to recover the initial pullback to the 117.00/116.90 area within a context of low volatility due to the MLK holiday in the US economy. Earlier on in the Asian trading hours, Japanese Industrial Production dropped 3.7% on a yearly basis in November and the Capacity Utilization contracted 0.8% in the same period; Consumer Confidence, on the other hand, improved to 38.8 for the month of December. The BoJ meeting will be the main event this week, although consensus rules out relevant announcements.
USD/JPY levels to consider
At the moment the pair is down 0.07% at 117.51 and a break below 115.85 (2015 low Jan.14) would open the door to 115.56 (low Nov.16 2014) and then 115.49 (38.2% of 105.19-121.86). On the upside, the next hurdle aligns at 117.91 (Tenkan Sen) followed by 117.95 (high Jan.14) and then 118.00 (psychological level).
USD/JPY paring losses
The pair remains on track to recover the initial pullback to the 117.00/116.90 area within a context of low volatility due to the MLK holiday in the US economy. Earlier on in the Asian trading hours, Japanese Industrial Production dropped 3.7% on a yearly basis in November and the Capacity Utilization contracted 0.8% in the same period; Consumer Confidence, on the other hand, improved to 38.8 for the month of December. The BoJ meeting will be the main event this week, although consensus rules out relevant announcements.
USD/JPY levels to consider
At the moment the pair is down 0.07% at 117.51 and a break below 115.85 (2015 low Jan.14) would open the door to 115.56 (low Nov.16 2014) and then 115.49 (38.2% of 105.19-121.86). On the upside, the next hurdle aligns at 117.91 (Tenkan Sen) followed by 117.95 (high Jan.14) and then 118.00 (psychological level).