2 Feb 2015
USD/JPY consolidates around 117.60
FXStreet (Edinburgh) - The greenback is trading on a sideline pattern at the beginning of the week, with USD/JPY gyrating around 117.60.
USD/JPY recovers from 117.00
After a brief dip to the boundaries of the key support at 117.00 the figure in the wake of the Asian open, spot climbed as high as 117.90 although lost impetus soon afterwards. The Japanese yen continues to slowly grab support from the repatriation flows and growing scepticism regarding the ability of the BoJ to reach the inflation target in the estimated period.
Jane Foley, Senior Currency Strategist at Rabobank, argued “we maintain the view that USD/JPY is likely to move towards the 125.00 level on a 12 month view. The BoJ’s QQE plan is open-ended, while the Fed is preparing the ground for a rate hike”.
USD/JPY levels to consider
The pair is now advancing 0.16% at 117.61 with the next hurdle at 117.88 (high Feb.2) ahead of 118.30 (Kijun Sen) and finally 118.47 (high Jan.30). On the flip side, a breakdown of 117.05 (low Feb.2) would target 115.85 (2015 low Jan.14) en route to 115.56 (low Nov.16 2014).
USD/JPY recovers from 117.00
After a brief dip to the boundaries of the key support at 117.00 the figure in the wake of the Asian open, spot climbed as high as 117.90 although lost impetus soon afterwards. The Japanese yen continues to slowly grab support from the repatriation flows and growing scepticism regarding the ability of the BoJ to reach the inflation target in the estimated period.
Jane Foley, Senior Currency Strategist at Rabobank, argued “we maintain the view that USD/JPY is likely to move towards the 125.00 level on a 12 month view. The BoJ’s QQE plan is open-ended, while the Fed is preparing the ground for a rate hike”.
USD/JPY levels to consider
The pair is now advancing 0.16% at 117.61 with the next hurdle at 117.88 (high Feb.2) ahead of 118.30 (Kijun Sen) and finally 118.47 (high Jan.30). On the flip side, a breakdown of 117.05 (low Feb.2) would target 115.85 (2015 low Jan.14) en route to 115.56 (low Nov.16 2014).