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30 Dec 2014
USD/JPY downside back in view below
FXStreet (Guatemala) - USD/JPY is trading at 119.37, down -1.09% on the day, having posted a daily high at 120.74 and low at 118.86.
With thin volumes and spikes, the USD/JPY has found its self below the 119 handle for the first time in 11 days while the greenback is sold off across the board. The pair has made a recovery and oscillates back onto the handle at current levels as the market calms down and moving back into further holidays with New Years for the US and Japan's 31st Dec holiday, Ōmisoka.
From a technical point of view, it is a concern that the major has been unable to break up through 120.80 level and the downside now comes into the technical picture again having crossed down through the psychological 120 handle and started to test major support levels on 119.00. Eric Theoret, Currency Strategist at Scotiabank explained that they note the 21 day MA at 119.47 and recent support at 119.20. “A break of either of these levels would shift the focus to 118.00."
With thin volumes and spikes, the USD/JPY has found its self below the 119 handle for the first time in 11 days while the greenback is sold off across the board. The pair has made a recovery and oscillates back onto the handle at current levels as the market calms down and moving back into further holidays with New Years for the US and Japan's 31st Dec holiday, Ōmisoka.
From a technical point of view, it is a concern that the major has been unable to break up through 120.80 level and the downside now comes into the technical picture again having crossed down through the psychological 120 handle and started to test major support levels on 119.00. Eric Theoret, Currency Strategist at Scotiabank explained that they note the 21 day MA at 119.47 and recent support at 119.20. “A break of either of these levels would shift the focus to 118.00."