USD/JPY: sideways with a bearish bias in Tokyo

Currently, USD/JPY is trading at 117.51, down -0.06% on the day, having posted a daily high at 117.68 and low at 117.48.

USD/JPY is open in Tokyo with a slight offer, mostly sideways in sleepy holiday markets and despite the semi-positive outcome of the Italian cabinet that took place in recent trade that has approved a motive to support the Italian banking crisis, starting with Monte Dei Paschi and there is confirmation of support for the banks and in effort to make the banking system more solid. European Economic Forecast 2017: An EU under siege from within, call in the populists!

Meanwhile, with focus on the dollar, not even a down grading of GDP Q4 from Atlanta Fed is halting the support for the greenback and is entering year end on the front foot ahead of Trumps presidency and the possibility of large deficits and fiscal policy set to prop up the world's reserve currency.

USD/JPY levels

With spot trading at 117.50, we can see next resistance ahead at 117.56 (Hourly 100 SMA), 117.58 (Daily Classic PP), 117.58 (Daily Open), 117.58 (Hourly 20 EMA) and 117.68 (Daily High). Support below can be found at 117.48 (Daily Low), 117.27 (Yesterday's Low), 117.13 (Weekly Low), 117.11 (Weekly Classic PP) and 117.07 (Daily Classic S1).