Back
9 Dec 2014
USD/JPY fending off the bears below 119.00
FXStreet (Guatemala) - USD/JPY is trading at 119.35, down -1.08% on the day, having posted a daily high at 121.02 and low at 117.94.
USD/JPY has made a partial comeback but remains in negative/neutral territory and below the 120 handle still. The greenback has made losses across the board while the Yen benefits from growing risk concerns in the global economy and that is driving risk aversion into the pair and Yen crosses.
The latest development in the major was losing the 120 handle and over two cents of losses were made before claiming back 150 pips. Markets are now sighting up the FOMC this month and Japanese snap elections as the most major risk events left on the calendar in 2014 for USD/JPY. Closes below 119.00 would open up further downside potential into the 117.00’s again but the bulls have fended off that scenario so far.
USD/JPY noteworthy levels
With spot trading at 119.36, we can see next resistance ahead at 119.40 (Hourly 200 SMA), 119.80 (Hourly 20 EMA), 119.96 (Daily Classic S1)) and 120.30 (Hourly 100 SMA). Support below can be found at 119.26 (Daily Classic S2), 118.98 (Weekly Classic S1), 118.31 (Daily Classic S3) and 117.94 (Daily Low).
USD/JPY has made a partial comeback but remains in negative/neutral territory and below the 120 handle still. The greenback has made losses across the board while the Yen benefits from growing risk concerns in the global economy and that is driving risk aversion into the pair and Yen crosses.
The latest development in the major was losing the 120 handle and over two cents of losses were made before claiming back 150 pips. Markets are now sighting up the FOMC this month and Japanese snap elections as the most major risk events left on the calendar in 2014 for USD/JPY. Closes below 119.00 would open up further downside potential into the 117.00’s again but the bulls have fended off that scenario so far.
USD/JPY noteworthy levels
With spot trading at 119.36, we can see next resistance ahead at 119.40 (Hourly 200 SMA), 119.80 (Hourly 20 EMA), 119.96 (Daily Classic S1)) and 120.30 (Hourly 100 SMA). Support below can be found at 119.26 (Daily Classic S2), 118.98 (Weekly Classic S1), 118.31 (Daily Classic S3) and 117.94 (Daily Low).