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USD/JPY: consolidates the bid through 120.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - USD/JPY has been better bid at the end of Asia session overnight and managed to get through the halfway point of the 120 handle.

    There is a lack of drivers in the holiday season today and no events listed. On that basis, the price is in consolidation and it should remain so until the New Year. We will be looking out for US treasury yields to potentially support the upside on the major pair and keep an ear to the ground in respect of Fed speak, FOMC minutes, Nonfarm Payrolls and any commentary from the BoJ. Risk will be a key factor of the pair and should continue to support the Yen while there remains plenty of uncertainty and volatility to look forward to in 2016.

    USD/JPY levels

    Analysts at Scotiabank explained that the short-term technicals are bearish. "Signals are broadly bearish, the RSI of 38 leaving ample space for further decline. Near term resistance is expected around 121.00, with limited support above 120.00. We note the potential for decline toward 119.00."
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