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11 Dec 2014
USD/JPY rejection at 119.55 finds support at 119.00
FXStreet (San Francisco) - The USD/JPY was unable to maintain levels above 119.50 and after falling about 50 pips the pair found support near 119.00. The USD/JPY bounced at this level and is now trading at 119.30.
Currently, USD/JPY is trading at 119.28, up 1.07% on the day, having posted a daily high at 119.57 and low at 117.44. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY sentiment
According to Camilla Sutton from Scotiabank, “risk aversion and fundamentals are pulling USD/JPY in opposing direction; however in the near‐term we would expect a test of 116.80 before it trades back to its highs."
If the pair extends decline below 119.00, next supports are at 118.75, 117.90 and 117.45. To the upside, resistances are at 119.55, 119.90 and 120.10.
Currently, USD/JPY is trading at 119.28, up 1.07% on the day, having posted a daily high at 119.57 and low at 117.44. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.
USD/JPY sentiment
According to Camilla Sutton from Scotiabank, “risk aversion and fundamentals are pulling USD/JPY in opposing direction; however in the near‐term we would expect a test of 116.80 before it trades back to its highs."
If the pair extends decline below 119.00, next supports are at 118.75, 117.90 and 117.45. To the upside, resistances are at 119.55, 119.90 and 120.10.