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15 Dec 2014
Yen steadies versus USD, downside risk persists
FXStreet (Mumbai) - The Japanese yen trades steady as seen in the Asian session, however, remains supported after Abe’s coalition government won the snap elections by two-thirds of majority on Sunday.
Currently, USD/JPY trades at 118.62 levels, down -0.16%, compared to previous session’s close of 117.78 levels. However, the gains in the Japanese yen seems temporary as the currency remains subject to downside risk as markets raise concerns over Abe’s ability to effectively deliver the economic policy reforms to revive the deflation-battling Japanese economy.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.22 (Dec 12 High) levels and above which it could extend gains to 119.57 (Dec 11 High) levels. To the downside immediate support might be located at 117.43 (Dec 11 Low), below that at 117 levels.
Currently, USD/JPY trades at 118.62 levels, down -0.16%, compared to previous session’s close of 117.78 levels. However, the gains in the Japanese yen seems temporary as the currency remains subject to downside risk as markets raise concerns over Abe’s ability to effectively deliver the economic policy reforms to revive the deflation-battling Japanese economy.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.22 (Dec 12 High) levels and above which it could extend gains to 119.57 (Dec 11 High) levels. To the downside immediate support might be located at 117.43 (Dec 11 Low), below that at 117 levels.