USD/JPY minor recovery in light trade

By FXStreet FXStreet (Guatemala) – USD/JPY has started to recover from the minor offers in calm holiday markets.

The major is up from the lows of 120.19 from the supply at 120.62 with bulls guarding the overnight bearish opening gap to 120.09. There is little to go on this week and focus will return to the BoJ and Fed in respect of the Central Bank’s recent actions this month. The BoJ took measures that were eventually supportive of the Yen given that the market had been building up for somewhat more of a stimulus. The Fed, on the other hand, has to started to normalise its monetary policy with lift-off and focus will turn to how gradual a continuation of that normalization will be in 2016.

USD/JPY levels

Technically, USD/JPY has been trying to recover to the base of the cloud at 120.85, but the start of the week’s recovery has been short-lived with failures below the recent highs of 120.62. The recent rejection of resistance offered by the 123.77 recent high is key on the wide. The 119.11 2012-2015 uptrend is key to the downside. While, a continuation of the upside has 123.77 on the wide and this is guarding 125.00/28 (the …read more

Source:: FX Street