20 Jan 2015
USD/JPY approaches for 119 handle denied, so far
FXStreet (Guatemala) - USD/JPY is trading at 118.40 with a high of 118.42 and a low of 117.50 and up 0.72%.
However, the USD/JPY has been better bid in European markets on the approach for the 119 handle but has met resistance at 118.80 in the cross over shift and has been set back on the hourly stick's low to 118.25 in the US.
The US dollar has picked up this week again due to the expected trajectory of Fed policy and the fact that the BoJ is still in aggressive easing modes, and this is back on the minds of investors as we approach the BoJ this week.
Meanwhile, Karen jones, chief analyst at Commerzbank explained that through the 120.03 short term downtrend, where the rally should stall. "Directly above the market lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement. It is also TD resistance on the weekly chart and we note the 13 count on the monthly chart.
However, the USD/JPY has been better bid in European markets on the approach for the 119 handle but has met resistance at 118.80 in the cross over shift and has been set back on the hourly stick's low to 118.25 in the US.
The US dollar has picked up this week again due to the expected trajectory of Fed policy and the fact that the BoJ is still in aggressive easing modes, and this is back on the minds of investors as we approach the BoJ this week.
Meanwhile, Karen jones, chief analyst at Commerzbank explained that through the 120.03 short term downtrend, where the rally should stall. "Directly above the market lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement. It is also TD resistance on the weekly chart and we note the 13 count on the monthly chart.