12 Feb 2015
USD/JPY gains capped at Fib-extension levels – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, comments that USD/JPY gains are capped at Fib-extension levels near 120.36 levels, failing to break above this would lead the pair lower towards 119.87 levels.
Key Quotes
“The USD/JPY pair trades at 120.18 levels, after having failed near 120.36 levels, which is a 100% Fib-expansion level on an up move from 117.15 to 119.20 and a correction to 118.31.”
“The Japanese Yen, like most of the traditional safe haven assets, failed to strengthen despite the Greece-led uncertainty and tension in Ukraine.”
“Moreover, the entire gains seen in the previous session - 119.34 to 120.18 – lacked support from the 10-year Treasury yield in the US, which remains stuck at 2.00%.”
“The repeated failure to rise above 120.36 could push the pair down to 119.87 levels.”
“Moreover, the retail sales in the US are expected to contract 0.4% in January. A weaker-than-expected print could help the Yen bulls take the pair down to 119.87 levels.”
“On the other hand, a strong US data shall see the pair rising to 120.81 (Dec. 23rd high).”
Key Quotes
“The USD/JPY pair trades at 120.18 levels, after having failed near 120.36 levels, which is a 100% Fib-expansion level on an up move from 117.15 to 119.20 and a correction to 118.31.”
“The Japanese Yen, like most of the traditional safe haven assets, failed to strengthen despite the Greece-led uncertainty and tension in Ukraine.”
“Moreover, the entire gains seen in the previous session - 119.34 to 120.18 – lacked support from the 10-year Treasury yield in the US, which remains stuck at 2.00%.”
“The repeated failure to rise above 120.36 could push the pair down to 119.87 levels.”
“Moreover, the retail sales in the US are expected to contract 0.4% in January. A weaker-than-expected print could help the Yen bulls take the pair down to 119.87 levels.”
“On the other hand, a strong US data shall see the pair rising to 120.81 (Dec. 23rd high).”