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5 Dec 2014
USD/JPY settled down but a slight victory on 120.00 finally
FXStreet (Guatemala) - USD/JPY is trading at 119.71, down -0.07% on the day, having posted a daily high at 119.87 and low at 119.71.
USD/JPY is very quiet in respect of the Tokyo open and relative to price action overnight scoring yet a higher high for the week through and onto the 120 handle. The action from overnight in European trade was revolved around the ECB and announcements in the press conference’s questions and answers session.
Draghi set the markets off, unintentionally, by starting out with a mention of bond purchases and that was enough for heavy supply in EUR to come on which crossed over into flows of the US dollar and triggered a spike in the USD/JPY, pushing the pair through the psychological 120 handle.
A reversal of that move finally came and we went down 80 pips lower until buyers were attracted back for another advance up to the 119.80 resistance. Now we await further impetus with more substance this time if the pair is to managed firm closes on 120.00 with conviction in the last trading month of the year. There are a number of risks at hand but there is a space available for the bulls and a base until 120.20/30 to attack from next time around.
USD/JPY is very quiet in respect of the Tokyo open and relative to price action overnight scoring yet a higher high for the week through and onto the 120 handle. The action from overnight in European trade was revolved around the ECB and announcements in the press conference’s questions and answers session.
Draghi set the markets off, unintentionally, by starting out with a mention of bond purchases and that was enough for heavy supply in EUR to come on which crossed over into flows of the US dollar and triggered a spike in the USD/JPY, pushing the pair through the psychological 120 handle.
A reversal of that move finally came and we went down 80 pips lower until buyers were attracted back for another advance up to the 119.80 resistance. Now we await further impetus with more substance this time if the pair is to managed firm closes on 120.00 with conviction in the last trading month of the year. There are a number of risks at hand but there is a space available for the bulls and a base until 120.20/30 to attack from next time around.