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7 Jan 2015
USD/JPY bears reveal 115.50 target
FXStreet (Guatemala) - USD/JPY is currently trading at 118.62, up 0.09%, having scored a high of 118.70 and a low of 117.86.
USD/JPY continues to feel downward pressure and has yet to demonstrate demand from the bulls as the Yen reverses the recent end of year losses in the 120’s back down to November highs.
The Yen has been supported on heightened growth concerns on the ongoing bearishness around the oil price and the outlook for the global economy and associated risk. “The steepness of the decline in the price of crude oil is prompting heightened investor concerns that global demand may be weaker than expected”, explained Lee Hardman at The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Technically, USD/JPY has moved into a more negative formation in the short term. It trades through the bottom of the cloud. This leaves the downside open to further losses below 118 support if breached. The pair remains negative while trading below 118.85 and once again reveals 115.50as a target for the bears.
USD/JPY continues to feel downward pressure and has yet to demonstrate demand from the bulls as the Yen reverses the recent end of year losses in the 120’s back down to November highs.
The Yen has been supported on heightened growth concerns on the ongoing bearishness around the oil price and the outlook for the global economy and associated risk. “The steepness of the decline in the price of crude oil is prompting heightened investor concerns that global demand may be weaker than expected”, explained Lee Hardman at The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Technically, USD/JPY has moved into a more negative formation in the short term. It trades through the bottom of the cloud. This leaves the downside open to further losses below 118 support if breached. The pair remains negative while trading below 118.85 and once again reveals 115.50as a target for the bears.