USD/JPY gets its spot back on the 120 handle in Tokyo

By FXStreet FXStreet (Guatemala) – USD/JPY was firmly placed in 119.70 at the time of the Tokyo open, despite a negative open in the Nikkei, while the Yen was riding the 20 SMA support on the hourly charts and testing the resistance of the 20 SMA on the thirty minute sticks. As we progress through the open, USD/JPY is up to test the 50 SMA on the 30 min sticks and looking for a firm placement here now that it is back on to the 120 handle with S&P 500 futures soaring.

Earlier, the major was otherwise offered and bought back again without much contest in a thin early Asian session which may have accounted for the ease of which the price had been able to fluctuate, supported back on to the bid from 119.20 territory.

The Yen is otherwise benefiting from the heavy risk-off and liquidation of EM’s, speculative commodity positions and global equities. However, leading into the Tokyo open, S&P 500 stablized and then turned highly positive and 4% into the green on the open and now +15% at time of writing as the USD/JPY reclaims the 120 handle.

On a recap from overnight, the US session had the S&P 500 down …read more

Source:: FX Street