22 Dec 2014
USD/JPY starts week close to 120 – MP
FXStreet (Barcelona) - Kenny Fisher, Currency Analyst at MarketPulse shares that the USD/JPY pair trades steady on the start of the week following a week of sharp losses, close to the 120 line after it broke the resistance at 119.83 levels.
Key Quotes
“USD/JPY is steady on Monday, following a week of sharp losses for the wobbly Japanese yen. USD/JPY is trading close to the 120 line late in the European session.”
“On the release front, it’s a very quiet start to the week, with just two releases. In Japan, the BOJ released its monthly report, a minor event. Over in the US, we’ll get a look at Existing Home Sales. The markets are expecting the indicator to soften in November, with an estimate of 5.21 million.”
“Prime Minister Shinzo Abe won a convincing electoral victory last week, but he will have little time to savor the win as he grapples with a struggling economy. Growth and inflation remain well below the government’s target and the BoJ’s radical monetary easing scheme has ravaged the yen, which remains close to the 120 level.”
“With the BOJ expected to maintain or even ease its monetary stance, we’re unlikely to see much improvement from the Japanese currency in the near future”
“USD/JPY edged higher in the Asian session. The pair has been steady in European trade and broke above resistance at 119.83.”
“119.83 has reverted to a support role as the pair has posted slight gains.”
“120.63 is an immediate resistance line.”
“Current range: 119.83 to 120.63”
Key Quotes
“USD/JPY is steady on Monday, following a week of sharp losses for the wobbly Japanese yen. USD/JPY is trading close to the 120 line late in the European session.”
“On the release front, it’s a very quiet start to the week, with just two releases. In Japan, the BOJ released its monthly report, a minor event. Over in the US, we’ll get a look at Existing Home Sales. The markets are expecting the indicator to soften in November, with an estimate of 5.21 million.”
“Prime Minister Shinzo Abe won a convincing electoral victory last week, but he will have little time to savor the win as he grapples with a struggling economy. Growth and inflation remain well below the government’s target and the BoJ’s radical monetary easing scheme has ravaged the yen, which remains close to the 120 level.”
“With the BOJ expected to maintain or even ease its monetary stance, we’re unlikely to see much improvement from the Japanese currency in the near future”
“USD/JPY edged higher in the Asian session. The pair has been steady in European trade and broke above resistance at 119.83.”
“119.83 has reverted to a support role as the pair has posted slight gains.”
“120.63 is an immediate resistance line.”
“Current range: 119.83 to 120.63”