11 Feb 2015
USD/JPY tailing off from highs on 120 handle
FXStreet (Guatemala) - USD/JPY is currently trading at 120.22 with a high of 120.45 and low 119.27.
USD/JPY has broken down the doors of the 120.00 and making room for itself towards the mid point of the handle on a strong dollar. The major has resistance between 120.70/90 but through there, eyes are on 121.86 December high then the 122.45 15 year downtrend ahead of the 123.40 major resistance. 123.40 comes as the long term Fibonacci retracement.
However, the relative US/Japan real yield is weighed upon by rising JGBI yields and this could halt on the pair before it can freely take flight; so keeping an eye on US yields and stocks would be prudent at this juncture, and currently US stocks are tailing off as is USD/JPY.
USD/JPY has broken down the doors of the 120.00 and making room for itself towards the mid point of the handle on a strong dollar. The major has resistance between 120.70/90 but through there, eyes are on 121.86 December high then the 122.45 15 year downtrend ahead of the 123.40 major resistance. 123.40 comes as the long term Fibonacci retracement.
However, the relative US/Japan real yield is weighed upon by rising JGBI yields and this could halt on the pair before it can freely take flight; so keeping an eye on US yields and stocks would be prudent at this juncture, and currently US stocks are tailing off as is USD/JPY.