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30 Dec 2014
USD/JPY bounces from below 119.00; back above 119.50
FXStreet (San Francisco) - After falling 185 pips from Monday's high of 120.75, the USD/JPY made a brief trip below the 119.00 level where it found buying interest that sent it back above 119.50.
Currently, USD/JPY is trading at 119.49, down -0.99% on the day, having posted a daily high at 120.74 and low at 118.86. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/JPY levels
"From a technical point of view," comments Ross J Burland from FXStreet. "It is a concern that the major has been unable to break up through 120.80 level and the downside now comes into the technical picture again having crossed down through the psychological 120 handle and started to test major support levels on 119.00."
If the pair extends bounce above 119.50, it will find resistances at 119.80 and 120.00. To the downside, supports are at 118.85, 118.50 and 118.00.
Currently, USD/JPY is trading at 119.49, down -0.99% on the day, having posted a daily high at 120.74 and low at 118.86. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/JPY levels
"From a technical point of view," comments Ross J Burland from FXStreet. "It is a concern that the major has been unable to break up through 120.80 level and the downside now comes into the technical picture again having crossed down through the psychological 120 handle and started to test major support levels on 119.00."
If the pair extends bounce above 119.50, it will find resistances at 119.80 and 120.00. To the downside, supports are at 118.85, 118.50 and 118.00.