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14 Jan 2015
USD/JPY: Where to get long again?
FXStreet (Guatemala) - USD/JPY is currently trading at 117.71 with a high of 117.98 and a low of 117.67 , down 0.16% so far.
USD/JPY is stabilising below the 118 handle having made fresh lows overnight down to 117.54. Risk-off markets were back in play as the oil price continues to drop weighing on the energy sector, with US stocks dragged lower and closing down for yet another session.
The Yen has remained bid in Tokyo moving lower and back away from the 118 handle vs the greenback. Analysts at RBS noted that their 121 target was reached and suggest to use a correction to 115 to re-load for 124.00. Meanwhile, Karen Jones, chief analyst at Commerzbank sights that a close below 117.90 would add weight to the idea for a slide back to the 116.35 then 115.55 supports. However, she also added, "We note that the daily Elliot wave count is suggesting that we are likely to see a retracement towards 113.80/111.40".
USD/JPY is stabilising below the 118 handle having made fresh lows overnight down to 117.54. Risk-off markets were back in play as the oil price continues to drop weighing on the energy sector, with US stocks dragged lower and closing down for yet another session.
The Yen has remained bid in Tokyo moving lower and back away from the 118 handle vs the greenback. Analysts at RBS noted that their 121 target was reached and suggest to use a correction to 115 to re-load for 124.00. Meanwhile, Karen Jones, chief analyst at Commerzbank sights that a close below 117.90 would add weight to the idea for a slide back to the 116.35 then 115.55 supports. However, she also added, "We note that the daily Elliot wave count is suggesting that we are likely to see a retracement towards 113.80/111.40".