Back
3 Mar 2015
USD/JPY: Struggles below 120 handle yet again
FXStreet (Guatemala) - USD/JPY is currently trading at 119.58 with a high of 120.27 and a low of 119.37.
USD/JPY had been unfazed by lower US yields of late, bouncing on the 119 area but now remains sub 120 level and unconvincing yet again with the recent score onto the handle. The downside is supported at 116.00 and this is an area that comes of interest on repeated failures at the upside, trading as a range bound currency pair. Karen Jones, chief analyst at Commerzbank noted that the USD/JPY has been pushing hard into the 120.07 resistance line drawn from the December 2014 high and explained failure here and a slide back below the 16th February low at 118.11 should be enough to trigger a slide back to the 116.23 support line."
USD/JPY has been benefitting of late from a risk on mood and Kit Juckes, chief FX strategist at Societe Generale explained that they look for further upside to USD/JPY, "Even if our chosen way to trade yen weakness, GBP/JPY, spent all day yesterday frustrating us)."
USD/JPY had been unfazed by lower US yields of late, bouncing on the 119 area but now remains sub 120 level and unconvincing yet again with the recent score onto the handle. The downside is supported at 116.00 and this is an area that comes of interest on repeated failures at the upside, trading as a range bound currency pair. Karen Jones, chief analyst at Commerzbank noted that the USD/JPY has been pushing hard into the 120.07 resistance line drawn from the December 2014 high and explained failure here and a slide back below the 16th February low at 118.11 should be enough to trigger a slide back to the 116.23 support line."
USD/JPY has been benefitting of late from a risk on mood and Kit Juckes, chief FX strategist at Societe Generale explained that they look for further upside to USD/JPY, "Even if our chosen way to trade yen weakness, GBP/JPY, spent all day yesterday frustrating us)."