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2 Dec 2014
USD/JPY making its mind up for 120.00?
FXStreet (Guatemala) - USD/JPY> is trading at 119.12, up 0.68% on the day, having posted a daily high at 119.30 and low at 118.13.
USD/JPY is now a story as to whether support can hold the pair and whether the bulls will remain in control. The technical picture is highly favorable to the upside, with only the psychological mind barrier in the way and echo’s of Japanese officials sighting the Yens weakness as counterproductive.
However, the market is bigger than they are and currently the market has made up its mind and put the price where it stands trading at the highest levels in the US shift since 2007 (119.30 the high). Support below 119.00 comes in at 118.80/70/30 marking the entry points of the support and resistance lines in the ascending channel before the rally from 118.85.
USD/JPY is now a story as to whether support can hold the pair and whether the bulls will remain in control. The technical picture is highly favorable to the upside, with only the psychological mind barrier in the way and echo’s of Japanese officials sighting the Yens weakness as counterproductive.
However, the market is bigger than they are and currently the market has made up its mind and put the price where it stands trading at the highest levels in the US shift since 2007 (119.30 the high). Support below 119.00 comes in at 118.80/70/30 marking the entry points of the support and resistance lines in the ascending channel before the rally from 118.85.