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11 Dec 2014
USD/JPY: Stalling at 119.40 resistance
FXStreet (Guatemala) - USD/JPY is trading at 119.32, up 1.11% on the day, having posted a daily high at 119.50 and low at 117.44.
USD/JPY is meeting resistance through 119.40 after the squeeze of offers. The run has been capped here for now being a cent higher and recouping losses from yesterdays business. The Yen has been a volatile ride in towards the middle of the month and ahead of the Japanese snap elections. The range is wide and momentum in either direction is strong when it moves.
The market is jittery and when a reversal occurs it seems better to simply go with the trend. Fundamentally, the snap elections should bring some clarity to the market, at least until the FOMC when the game plan may change yet again for the end of the year and into holiday season.
USD/JPY is meeting resistance through 119.40 after the squeeze of offers. The run has been capped here for now being a cent higher and recouping losses from yesterdays business. The Yen has been a volatile ride in towards the middle of the month and ahead of the Japanese snap elections. The range is wide and momentum in either direction is strong when it moves.
The market is jittery and when a reversal occurs it seems better to simply go with the trend. Fundamentally, the snap elections should bring some clarity to the market, at least until the FOMC when the game plan may change yet again for the end of the year and into holiday season.