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8 Jan 2015
USD/JPY bulls reloading for Dec highs as target
FXStreet (Guatemala) - USD/JPY is currently trading at 119.61 with a high of 119.98 and a low of 119.07 - up 0.39% on the day so far.
USD/JPY has made tough work of the approach on the 120 handle and dropped back below the 200 SMA initially and then down through the 100 SMA as equities tail off, risk aversion returns and US yields capped on disappointing US data earlier in the shift on the jobless numbers.
However, where there is supply, comes demand in the major currently and bulls have reloaded at the mid point of the 119 handle and target the 121.85 highs for December. Karen Jones, chief analyst at Commerzbank explained that while above 118.85 we remain unable to rule out another attempt at the 121.86 recent high. "Directly above here lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement".
USD/JPY has made tough work of the approach on the 120 handle and dropped back below the 200 SMA initially and then down through the 100 SMA as equities tail off, risk aversion returns and US yields capped on disappointing US data earlier in the shift on the jobless numbers.
However, where there is supply, comes demand in the major currently and bulls have reloaded at the mid point of the 119 handle and target the 121.85 highs for December. Karen Jones, chief analyst at Commerzbank explained that while above 118.85 we remain unable to rule out another attempt at the 121.86 recent high. "Directly above here lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement".