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30 Dec 2014
USD/JPY bulls in control of upper 120 handle
FXStreet (Guatemala) - USD/JPY is trading at 120.64, down -0.04% on the day, having posted a daily high at 120.74 and low at 120.57.
The Nikkei opens down and the greenback continues to carve out a space for the Japanese currency in the upper half of the 120 handle. The pair was moving up from the 100 ma at 120.30. The Yen is balancing on its heels as we move further towards 2015 while the Abe cabinet has already and only just approved a ￥3.5 trillion fiscal stimulus package; with a weak oil and strong dollar environment, upside pressures are dominating.
“At this point, a retest of the year high at 121.84 seems likely for the upcoming sessions, particularly if the price manages to advance above the 120.85 immediate resistance level”, explained Valeria Bednarik, chief analyst at FXStreet.
The Nikkei opens down and the greenback continues to carve out a space for the Japanese currency in the upper half of the 120 handle. The pair was moving up from the 100 ma at 120.30. The Yen is balancing on its heels as we move further towards 2015 while the Abe cabinet has already and only just approved a ￥3.5 trillion fiscal stimulus package; with a weak oil and strong dollar environment, upside pressures are dominating.
“At this point, a retest of the year high at 121.84 seems likely for the upcoming sessions, particularly if the price manages to advance above the 120.85 immediate resistance level”, explained Valeria Bednarik, chief analyst at FXStreet.