12 Jan 2015
USD/JPY offering opportunity for cheap dollars?
FXStreet Guatemala) - USD/JPY is currently trading at 118.58 having made a high of 119.33 and a low of 118.10 and 0.025 up on the day.
USD/JPY has been offered down through the 119 handle and is just starting to recover a full cent lower. 118.20 found strong demand and has rallied up 40 pips and away from the risk of 118 failing and opening up further downside potential to 115.50.
The Yen has been reluctant to move through the psychological 120.00 resistance area and has been attracting the bears who have been loading on the positions that are mounting up. However, fundamentals still point to dollar favouritism and analysts at TD Securitas said, "We think scope for USD weakness remains limited at present, however, and continue to view USD dips as a buying opportunity".
USD/JPY has been offered down through the 119 handle and is just starting to recover a full cent lower. 118.20 found strong demand and has rallied up 40 pips and away from the risk of 118 failing and opening up further downside potential to 115.50.
The Yen has been reluctant to move through the psychological 120.00 resistance area and has been attracting the bears who have been loading on the positions that are mounting up. However, fundamentals still point to dollar favouritism and analysts at TD Securitas said, "We think scope for USD weakness remains limited at present, however, and continue to view USD dips as a buying opportunity".