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30 Dec 2014
USD/JPY dips in phase of consolidation on 120 handle
FXStreet (Guatemala) - USD/JPY is trading at 120.49, down -0.17% on the day, having posted a daily high at 120.74 and low at 120.45.
USD/JPY has sunk a little into the lower half of the 120 handle and is supported here while there is a lack of impetus to work with on a light calendar. The theme remains with a weaker Yen into 2015 while the Central Banks divergences are compelling. The Dec high at 121.86 would be the target on a good effort through the 121 handle, although markets currently have little volume coming through over thin holiday season and a consolidation may well be the outcome for now.
Meanwhile, intraday dips are likely to be supported although anything heavy through and beyond the 120’s are indicated to hold circa 118.65/15 for another run up to the 121.86 and recent peak according to Karen Jones, chief analyst at Commerzbank who remains bullish on the outlook. “Directly above here lies the 122.70/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement”.
USD/JPY has sunk a little into the lower half of the 120 handle and is supported here while there is a lack of impetus to work with on a light calendar. The theme remains with a weaker Yen into 2015 while the Central Banks divergences are compelling. The Dec high at 121.86 would be the target on a good effort through the 121 handle, although markets currently have little volume coming through over thin holiday season and a consolidation may well be the outcome for now.
Meanwhile, intraday dips are likely to be supported although anything heavy through and beyond the 120’s are indicated to hold circa 118.65/15 for another run up to the 121.86 and recent peak according to Karen Jones, chief analyst at Commerzbank who remains bullish on the outlook. “Directly above here lies the 122.70/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement”.