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3 Sep 2015
USD/JPY reaches high of 120.60, risk recovery backing bulls
FXStreet (Bali) - USD/JPY has found decisive buyers in the early going of the Asian session, a bullish move in line with the Wednesday's risk recovery, allowing the pair to touch a high of 120.63 ahead of the Tokyo open at 00 GMT.
Risk conditions not attractive for Yen buyers
While there has been no fresh news hitting the wires, the startling recovery in the S&P 500, up 1.83% after some volatile intraday swings, coupled with the Chinese market being closed due to Victory Day - implies probable absence of negative news out of the Big Panda - is contributing to the improvement in risk appetite.
USD/JPY technicals
Today's key levels to the upside can be found at 120.65 area - recent highs - followed by 120.90/121.00, where a solid stack of offers should be found - ahead of 121.40. On the downside, 120.45/50 down to 120.30 (origin latest spike) provides immediate support, followed by 120.00 round area vicinity, followed by 119.60/65.
Risk conditions not attractive for Yen buyers
While there has been no fresh news hitting the wires, the startling recovery in the S&P 500, up 1.83% after some volatile intraday swings, coupled with the Chinese market being closed due to Victory Day - implies probable absence of negative news out of the Big Panda - is contributing to the improvement in risk appetite.
USD/JPY technicals
Today's key levels to the upside can be found at 120.65 area - recent highs - followed by 120.90/121.00, where a solid stack of offers should be found - ahead of 121.40. On the downside, 120.45/50 down to 120.30 (origin latest spike) provides immediate support, followed by 120.00 round area vicinity, followed by 119.60/65.