Back
31 Dec 2014
USD/JPY erases daily gains, eyes US data
FXStreet (Córdoba) - USD/JPY failed to sustain at daily highs and came under pressure, giving up its previous gains to trade nearly flat on the day.
USD/JPY has traded within 119.20-119.80 so far today, unable to set a short-term direction as investors refrain from taking big positions heading into the year-end. But before, the US will release initial jobless claims, pending home sales and the Chicago PMI.
The pair is currently trading at the 119.40 zone, effectively unchanged on the day. USD/JPY is posting its sixth monthly gain in a row in December and about to close 2014 with a stunning gain of more than 13%, boosted by diverging monetary policies between the Fed and the BoJ.
Gains accelerated in October when the Bank of Japan surprised markets by announcing expansion of its monetary stimulus program. USD/JPY hit an over 7-year peak of 121.83 on Dec 8.
USD/JPY has traded within 119.20-119.80 so far today, unable to set a short-term direction as investors refrain from taking big positions heading into the year-end. But before, the US will release initial jobless claims, pending home sales and the Chicago PMI.
The pair is currently trading at the 119.40 zone, effectively unchanged on the day. USD/JPY is posting its sixth monthly gain in a row in December and about to close 2014 with a stunning gain of more than 13%, boosted by diverging monetary policies between the Fed and the BoJ.
Gains accelerated in October when the Bank of Japan surprised markets by announcing expansion of its monetary stimulus program. USD/JPY hit an over 7-year peak of 121.83 on Dec 8.