Back
15 Dec 2014
USD/JPY approaches 119.00 ahead of US data
FXStreet (Córdoba) - Greenback gained momentum across the board and pushed USD/JPY toward 119.00. The pair recently rose to 118.95, approaching daily highs that lie at 119.03.
Ahead of the release of the US Empire manufacturing index (13.30 GMT) and production industrial data (14:15 GMT) the pair is holding above 118.70.
Despite recent upside moves, USD/JPY continues sideways in the short term with support above 118.00 and resistance around 119.00. During the Asian session, after the beginning of trading following Japanese elections and later the Tankan report, fell momentarily below 118.00 but bounced quickly back above.
“The most interesting outcome from the snap election (result as widely expected Abe winning 325/475 seats) is that PM Abe need not call another election until 2018, which could make for unprecedented stability in Japanese politics”, noted Richard Kelly, Head of Global Strategy at TD Securities. Regarding the Tankan survey Kelly mentioned that it reflected some optimism after Abe’s sale tax delay and the announcement of the snap election.
Ahead of the release of the US Empire manufacturing index (13.30 GMT) and production industrial data (14:15 GMT) the pair is holding above 118.70.
Despite recent upside moves, USD/JPY continues sideways in the short term with support above 118.00 and resistance around 119.00. During the Asian session, after the beginning of trading following Japanese elections and later the Tankan report, fell momentarily below 118.00 but bounced quickly back above.
“The most interesting outcome from the snap election (result as widely expected Abe winning 325/475 seats) is that PM Abe need not call another election until 2018, which could make for unprecedented stability in Japanese politics”, noted Richard Kelly, Head of Global Strategy at TD Securities. Regarding the Tankan survey Kelly mentioned that it reflected some optimism after Abe’s sale tax delay and the announcement of the snap election.