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8 Jan 2015
USD/JPY: Buyers storm through 119.50
FXStreet (Bali) - USD/JPY continues to push higher along the Tokyo session, registering new highs at 119.70 after breaking through intraday resistance 119.50/55.
Japanese importers, specs usual suspects on the bid, with the Tokyo fix and a soaring Nikkei 225, up by 1.6%, also assisting Yen sellers. There are stops being reported above 119.80 and more beyond 120.00.
As techs stand, buying interest on a retest of 119.50 should be fairly strong, given the the current bull run off 118.00 lows represents a third impulsive wave-up extension from what could be a 5-wave cycle, with a projection of 119.80 the bare minimum, ahead of 120.00.
Japanese importers, specs usual suspects on the bid, with the Tokyo fix and a soaring Nikkei 225, up by 1.6%, also assisting Yen sellers. There are stops being reported above 119.80 and more beyond 120.00.
As techs stand, buying interest on a retest of 119.50 should be fairly strong, given the the current bull run off 118.00 lows represents a third impulsive wave-up extension from what could be a 5-wave cycle, with a projection of 119.80 the bare minimum, ahead of 120.00.