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8 Jan 2015
USD/JPY testing 119.20 bids at the Tokyo open
FXStreet (Bali) - USD/JPY has regained the 119.20 intraday level, now acting as support on the dips, following a clean-out of stops below 119.00 in response to an optimistic FOMC minutes.
The positive close in Wall Street is likely to keep the Nikkei buoyant along today's Asian session, which should underpin the USD/JPY bid tone seen since late US. Market talk is that Japanese importers' interest on dips remains quite solid, which adds to the bullish prospects near term.
According to Jim Langlands, Founder at FXCharts: "The charts are somewhat mixed and I am not sure that I would be too involved at current levels although the longer term gameplan of looking to buy the dips remains unchanged. On the topside, above 119.65 (100 HMA) would revisit 119.85 (200 HMA) and then 120.00, while below 119.00, support should again be seen at around 118.70 (daily Kijun)."
The positive close in Wall Street is likely to keep the Nikkei buoyant along today's Asian session, which should underpin the USD/JPY bid tone seen since late US. Market talk is that Japanese importers' interest on dips remains quite solid, which adds to the bullish prospects near term.
According to Jim Langlands, Founder at FXCharts: "The charts are somewhat mixed and I am not sure that I would be too involved at current levels although the longer term gameplan of looking to buy the dips remains unchanged. On the topside, above 119.65 (100 HMA) would revisit 119.85 (200 HMA) and then 120.00, while below 119.00, support should again be seen at around 118.70 (daily Kijun)."