Back
23 Jan 2015
USD/JPY stalling around the 50 DMA; offered in Tokyo
FXStreet (Guatemala) - USD/JPY is currently trading at 118.62 with a high of 118.82 and a low of 118.41 and 0.07% down on the day.
USD/JPY has opened the last trading session of the week for Tokyo on the offer, going against the grain that was set in overnight trading on the back of the ECB's announcements on the press conference to introduce sovereign QE as early as March, anticipating the programme needing to last until at least September 2016. 117.20 was left for dust in a convincing run to the 118.80 resistance overnight around the announcements with little in the way of supply overnight until 118.60/80.
Meanwhile, Eric Theoret, Currency Strategist at Scotiabank explains that the USD/JPY short-term technicals are bearish while failing around the the 50 day MA (118.72), "Hinting to the risk of further near term decline with a focus on 116.20."
USD/JPY has opened the last trading session of the week for Tokyo on the offer, going against the grain that was set in overnight trading on the back of the ECB's announcements on the press conference to introduce sovereign QE as early as March, anticipating the programme needing to last until at least September 2016. 117.20 was left for dust in a convincing run to the 118.80 resistance overnight around the announcements with little in the way of supply overnight until 118.60/80.
Meanwhile, Eric Theoret, Currency Strategist at Scotiabank explains that the USD/JPY short-term technicals are bearish while failing around the the 50 day MA (118.72), "Hinting to the risk of further near term decline with a focus on 116.20."