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2 Jan 2015
USD/JPY finds support at 50 & 200 hours MA at 119.80
FXStreet (San Francisco) - After scrolling back from 120.75 following a bad ISM manufacturing data, the USD/JPY found buying interest at the confluence of 50 and 200 hours MA at 119.80.
Currently, USD/JPY is trading at 120.15, up 0.28% on the day, having posted a daily high at 120.76 and low at 119.69. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/JPY sentiment
According to Adam Button from ForexLive, the driver in the USD/JPY decline "is the stock market and the merciless bid in bonds."
Button comments that a "good-sized demand at 120.00 quickly picked the pair back up to 120.15. More bids at 119.72, which was the Asian low, followed by the 119.66 low on January 1. Better demand at 119.50, some at 119.20 and large bids at 119.00."
Currently, USD/JPY is trading at 120.15, up 0.28% on the day, having posted a daily high at 120.76 and low at 119.69. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
USD/JPY sentiment
According to Adam Button from ForexLive, the driver in the USD/JPY decline "is the stock market and the merciless bid in bonds."
Button comments that a "good-sized demand at 120.00 quickly picked the pair back up to 120.15. More bids at 119.72, which was the Asian low, followed by the 119.66 low on January 1. Better demand at 119.50, some at 119.20 and large bids at 119.00."