1 Dec 2014
USD/JPY back from 119.20
FXStreet (Edinburgh) - After briefly posting fresh multi-year highs in the vicinity of 119.20, USD/JPY has now returned to the 118.40 area, or session lows.
USD/JPY looks to the US docket
The USD momentum keeps wobbling today, lifting spot to levels last seen in July/August 2007 around 119.15/20 and soon afterwards dropping to session lows in sub-118.40 levels. In the data front, the manufacturing PMI tracked by Nomura/JMMA in Japan eased to 52.0 in November vs. 52.4 previous, adding extra selling pressure to the JPY. Ahead in the session, the US ISM Manufacturing and Markit’s PMI will take centre stage preceding Fed’s Dudle’s speech. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Above 119.07 lies the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region and a move to here cannot be ruled out”.
USD/JPY levels to consider
At the moment the pair is down 0.16% at 118.47 with the next support at 118.00 (psychological level) ahead of 117.24 (low Nov.27). On the flip side, the initial resistance aligns at 119.14 (2014 high Dec.1) followed by 119.77 (high Aug.9 2007) and then 120.00 (psychological level).
USD/JPY looks to the US docket
The USD momentum keeps wobbling today, lifting spot to levels last seen in July/August 2007 around 119.15/20 and soon afterwards dropping to session lows in sub-118.40 levels. In the data front, the manufacturing PMI tracked by Nomura/JMMA in Japan eased to 52.0 in November vs. 52.4 previous, adding extra selling pressure to the JPY. Ahead in the session, the US ISM Manufacturing and Markit’s PMI will take centre stage preceding Fed’s Dudle’s speech. In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Above 119.07 lies the January and October 2006 highs at 119.40/88 and also the psychological 120.00 region and a move to here cannot be ruled out”.
USD/JPY levels to consider
At the moment the pair is down 0.16% at 118.47 with the next support at 118.00 (psychological level) ahead of 117.24 (low Nov.27). On the flip side, the initial resistance aligns at 119.14 (2014 high Dec.1) followed by 119.77 (high Aug.9 2007) and then 120.00 (psychological level).