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3 Dec 2014
USD/JPY penetrates 119.30, en-route to 120.00
FXStreet (Bali) - USD/JPY has broken above 119.27/30 resistance, where exporters had been active sellers in recent hours, with buyers now setting the stage for the next intraday leg up targeting 119.50 ahead of the big 120.00 level.
The big miss in Australia's GDP Q3 reading, coming at +0.3% vs +0.7%, acted as the catalyst to push the US Dollar higher across the board, especially against Asian/Oceanic currencies, with leveraged names now active on the bid too. Higher US yields, equities, have served as a buoyant factor for the pair, which may see follow through somewhat limited past 120.00 given the US NFP risk event next Friday.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The dominant bullish trend seems to have reaffirmed itself; short term the 1 hour chart shows 100 SMA slowly detaching from 200 one, but both for the most flat in the 118.00/30 area, while indicators now try to stabilize near overbought territory. In the 4 hours chart indicators lack strength but hold in positive territory, as price stands a handful pips above recent highs after a week of quite choppy intraday trading."
The big miss in Australia's GDP Q3 reading, coming at +0.3% vs +0.7%, acted as the catalyst to push the US Dollar higher across the board, especially against Asian/Oceanic currencies, with leveraged names now active on the bid too. Higher US yields, equities, have served as a buoyant factor for the pair, which may see follow through somewhat limited past 120.00 given the US NFP risk event next Friday.
Technically, Valeria Bednarik, Chief Analyst at FXStreet, notes: "The dominant bullish trend seems to have reaffirmed itself; short term the 1 hour chart shows 100 SMA slowly detaching from 200 one, but both for the most flat in the 118.00/30 area, while indicators now try to stabilize near overbought territory. In the 4 hours chart indicators lack strength but hold in positive territory, as price stands a handful pips above recent highs after a week of quite choppy intraday trading."