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2 Jan 2015
USD/JPY opens higher, 120 in sight
FXStreet (London) - USD/JPY has started 2015 with a gentle bid tone, up 0.03% on the session at 119.82.
On the hour chat, the pair has been engaged in a gentle uptrend channel from the 30 Dec 14 low at 118.87, failing to break back above the 120 level on 31 Dec 14. On a daily chart we see spot jammed between the 20 SMA at 119.68 and resistance above from the 5 SMA at 120.
Japan is on holiday today, alongside China too. The backdrop for the new year sees an unsurprising focus on the inflation target, especially after inflation fell to a 14 month low in November caused by the sharp collapse in oil prices. Japan’s government also approved fresh stimulus measures equating to $29bln, as well as an aggressive cut of the corporate tax rate following the recent snap election.
USD/JPY Levels
Immediate resistance above is the 120 level, followed by the region between 120.67 (30 Dec 14 high) and 120.81 (23 Dec 14 high) where several highs are clustered. Below, 119.63 (20D SMA), 119.25 (31 Dec 14 low), 118.87 (30 Dec 14 low)
On the hour chat, the pair has been engaged in a gentle uptrend channel from the 30 Dec 14 low at 118.87, failing to break back above the 120 level on 31 Dec 14. On a daily chart we see spot jammed between the 20 SMA at 119.68 and resistance above from the 5 SMA at 120.
Japan is on holiday today, alongside China too. The backdrop for the new year sees an unsurprising focus on the inflation target, especially after inflation fell to a 14 month low in November caused by the sharp collapse in oil prices. Japan’s government also approved fresh stimulus measures equating to $29bln, as well as an aggressive cut of the corporate tax rate following the recent snap election.
USD/JPY Levels
Immediate resistance above is the 120 level, followed by the region between 120.67 (30 Dec 14 high) and 120.81 (23 Dec 14 high) where several highs are clustered. Below, 119.63 (20D SMA), 119.25 (31 Dec 14 low), 118.87 (30 Dec 14 low)