Back
4 Dec 2014
USD/JPY waiting for triggers
FXStreet (Córdoba) - USD/JPY is going through a consolidation phase Thursday, trading in a tight range just below the 120 mark as investors refrain from taking big positions ahead of key events, including the US nonfarm payrolls Friday.
USD/JPY edged higher and made a marginal new 7-year high of 119.97, but lacked momentum to break above 120.00. At time of writing, the pair is trading at 119.93, recording a 0.13% gain on the day.
The dollar may gain momentum following ECB decision, getting the final boost needed to break above 120.00 versus the yen. If that’s the case, next resistances are seen at 120.73 (Jul 26 2010 high) and 121.00 (psychological level). On the flip side, supports could be found at 119.73 (daily low) and 119.12 (Dec 3 low).
USD/JPY edged higher and made a marginal new 7-year high of 119.97, but lacked momentum to break above 120.00. At time of writing, the pair is trading at 119.93, recording a 0.13% gain on the day.
The dollar may gain momentum following ECB decision, getting the final boost needed to break above 120.00 versus the yen. If that’s the case, next resistances are seen at 120.73 (Jul 26 2010 high) and 121.00 (psychological level). On the flip side, supports could be found at 119.73 (daily low) and 119.12 (Dec 3 low).