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10 Dec 2014
USD/JPY fending off the bears below 119.00
FXStreet (Guatemala) - USD/JPY is trading at 119.40 and is contained by bearish descending resistance.
USD/JPY is weighing heavy in Tokyo’s open and first hour of trade while analysts are citing a drop through and below 119 could open up a period of retracement, bringing the high 117’s into the picture again.
We are now looking ahead to the Japanese snap elections as the most major risk events left on the calendar besides the FOMC this month amongst growing global growth concerns that would usually support the yen. We are also looking at potential seasonal sell offs in the greenback at this time of year on top of speculation that the Fed may pause for a considerable period.
USD/JPY noteworthy levels
With spot trading at 119.40, 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 is weighing heavy in Tokyo’s open and first hour of trade while analysts are citing a drop through and below 119 could open up a period of retracement, bringing the high 117’s into the picture again.
We are now looking ahead to the Japanese snap elections as the most major risk events left on the calendar besides the FOMC this month amongst growing global growth concerns that would usually support the yen. We are also looking at potential seasonal sell offs in the greenback at this time of year on top of speculation that the Fed may pause for a considerable period.
USD/JPY noteworthy levels
With spot trading at 119.40, 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).