2 Dec 2014
USD/JPY firmer near 118.80
FXStreet (Edinburgh) - The greenback is inching higher on Tuesday, now lifting USD/JPY to print fresh session highs in the vicinity of 118.80.
USD/JPY trimming losses
The pair is recovering the ground lost on Monday after briefly reaching multi-year highs beyond 119.00 the figure. However, it seems spot is trying to consolidate between the 117.40 area and recent highs above 119.00, at least until the US Payrolls due on Friday (232K expected). The only relevant releases in the Japanese economy will be in the second half of the week, with Coincident Index and Leading Economic index. “Expect underlying pressure on the JPY to persist ahead of the mid-December elections in Japan, especially if PM Abe returns to power with a renewed mandate to further pursue stimulatory measures. As such, dips may remain shallow multi-session ahead of the US NFP on Friday”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
USD/JPY levels to consider
At the moment the pair is advancing 0.42% at 118.82 with the next resistance at 119.15 (2014 high Dec.1) followed by 119.77 (high Aug.9 2007) and then 119.84 (high Aug.8 2007). On the flip side, a breakdown of 118.23 (low Dec.2) would open the door to 118.20 (Tenkan Sen) and finally 117.86 (low Dec.1).
USD/JPY trimming losses
The pair is recovering the ground lost on Monday after briefly reaching multi-year highs beyond 119.00 the figure. However, it seems spot is trying to consolidate between the 117.40 area and recent highs above 119.00, at least until the US Payrolls due on Friday (232K expected). The only relevant releases in the Japanese economy will be in the second half of the week, with Coincident Index and Leading Economic index. “Expect underlying pressure on the JPY to persist ahead of the mid-December elections in Japan, especially if PM Abe returns to power with a renewed mandate to further pursue stimulatory measures. As such, dips may remain shallow multi-session ahead of the US NFP on Friday”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
USD/JPY levels to consider
At the moment the pair is advancing 0.42% at 118.82 with the next resistance at 119.15 (2014 high Dec.1) followed by 119.77 (high Aug.9 2007) and then 119.84 (high Aug.8 2007). On the flip side, a breakdown of 118.23 (low Dec.2) would open the door to 118.20 (Tenkan Sen) and finally 117.86 (low Dec.1).