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8 Sep 2015
USD/JPY shoots to highs near 119.80
FXStreet (Edinburgh) - The greenback is now pushing higher vs. its Japanese counterpart on Tuesday, sending USD/JPY to daily peaks around 119.80.
USD/JPY higher on risk-on
The Japanese yen has quickly surrendered initial gains and has now capitulated to the increasing risk appetite ahead of the opening bell in Europe, lifting spot to fresh session tops in the upper 119.00s.
Data wise, weak Chinese trade balance figures have ignited a risk-off move in Asia, hurting stocks and sentiment. In Japan, GDP figures for the second quarter showed the economy contracted less than initially estimated, 0.3% QoQ and 1.2% on a yearly note.
In the US, Fed’s Labour Market Conditions Index, NFIB index, Consumer Credit figures and the speech by Minneapolis Fed N.Kocherlakota are due later.
USD/JPY levels to watch
As of writing the pair is up 0.41% at 119.75 facing the next up barrier at 120.58 (high Sep.3) followed by 120.92 (high Sep.1) and finally 121.75 (high Aug.28). On the flip side, a breakdown of 118.58 (low Sep.4) would open the door to 118.45 (low Aug.25) and then 116.16 (low Aug.24).
USD/JPY higher on risk-on
The Japanese yen has quickly surrendered initial gains and has now capitulated to the increasing risk appetite ahead of the opening bell in Europe, lifting spot to fresh session tops in the upper 119.00s.
Data wise, weak Chinese trade balance figures have ignited a risk-off move in Asia, hurting stocks and sentiment. In Japan, GDP figures for the second quarter showed the economy contracted less than initially estimated, 0.3% QoQ and 1.2% on a yearly note.
In the US, Fed’s Labour Market Conditions Index, NFIB index, Consumer Credit figures and the speech by Minneapolis Fed N.Kocherlakota are due later.
USD/JPY levels to watch
As of writing the pair is up 0.41% at 119.75 facing the next up barrier at 120.58 (high Sep.3) followed by 120.92 (high Sep.1) and finally 121.75 (high Aug.28). On the flip side, a breakdown of 118.58 (low Sep.4) would open the door to 118.45 (low Aug.25) and then 116.16 (low Aug.24).