3 Dec 2014
USD/JPY rallies to fresh 7-year highs
FXStreet (Córdoba) - USD/JPY gathered fresh momentum and rallied toward new 7-year highs as the yen weakened amid rumors of a poll giving Japan’s LDP-coalition win.
USD/JPY shrugged off the ADP miss and resumed the rise, with gains accelerating after the break of 117.50, also underpinned by ISM nonmanufacturing gain (59.3 vs 57.5 expected). The pair has reached a fresh high of 119.75, last seen August 2007, and continues to challenge the upside.
USD/JPY technical levels
In terms of technical levels, next resistances are seen at 119.82 (Aug 8 2007 high) and 120.00 (psychological level), while supports could be found at 119.12 (daily low), 119.00 (psychological level) and 118.30 (10-day SMA).
USD/JPY shrugged off the ADP miss and resumed the rise, with gains accelerating after the break of 117.50, also underpinned by ISM nonmanufacturing gain (59.3 vs 57.5 expected). The pair has reached a fresh high of 119.75, last seen August 2007, and continues to challenge the upside.
USD/JPY technical levels
In terms of technical levels, next resistances are seen at 119.82 (Aug 8 2007 high) and 120.00 (psychological level), while supports could be found at 119.12 (daily low), 119.00 (psychological level) and 118.30 (10-day SMA).