17 Dec 2014
USD/JPY pulling back from the short squeeze
FXStreet (Guatemala) - USD/JPY is trading at 117.67, up 0.90% on the day, having posted a daily high at 117.83 and low at 116.24.
USD/JPY picked up some demand after markets moved back into risk mode while the panic over Russia for the meantime has been contained to some extent. Oil also has put a squeeze on to the upside supporting the commodity currencies ahead of the FOMC.
In respect of the Yen, Karen Jones, chief analyst at Commerzbank, explained that intraday rallies are expected to remain capped by the 20-day ma at 118.60 and resistance at 119.20 while technically she is looking for 113.85/48 on the downside but a stabilisation ahead of 111.25. “Above 119.20 will suggest another attempt at the 121.86 recent high”.
USD/JPY picked up some demand after markets moved back into risk mode while the panic over Russia for the meantime has been contained to some extent. Oil also has put a squeeze on to the upside supporting the commodity currencies ahead of the FOMC.
In respect of the Yen, Karen Jones, chief analyst at Commerzbank, explained that intraday rallies are expected to remain capped by the 20-day ma at 118.60 and resistance at 119.20 while technically she is looking for 113.85/48 on the downside but a stabilisation ahead of 111.25. “Above 119.20 will suggest another attempt at the 121.86 recent high”.