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4 Feb 2015
USD/JPY opens steady below overnight highs
FXStreet (Guatemala) - USD/JPY is currently trading at 117.65 with a high of 117.71 and a low of 117.49 before the Tokyo open.
USD/JPY has been a choppy affair overnight but overall better bid having made ground onto the 117 handle again and away from the 116.80 support carved out from yesterday's business. The greenback has been on the back-foot and sold off across the board with a number of factors involved.
The Greece crisis is starting to improve and talks of a Grexit may be too premature now that it seems there is a better collaboration between the country and the EZ consortium. Oil prices have improved and Fed officials were commenting that a rate rise in 2015 would not be appropriate.
However, the USD/JPY managed to hold on after bouts of selling pressure, longs got back involved and picked up a good bounce from 117.20. We remain in familiar ranges still and until we are out of the choppy sideways channel, 118.80 keeps a lid on the pair while 116.60 acts as support ahead of critical 115.55 mid Dec lows.
USD/JPY has been a choppy affair overnight but overall better bid having made ground onto the 117 handle again and away from the 116.80 support carved out from yesterday's business. The greenback has been on the back-foot and sold off across the board with a number of factors involved.
The Greece crisis is starting to improve and talks of a Grexit may be too premature now that it seems there is a better collaboration between the country and the EZ consortium. Oil prices have improved and Fed officials were commenting that a rate rise in 2015 would not be appropriate.
However, the USD/JPY managed to hold on after bouts of selling pressure, longs got back involved and picked up a good bounce from 117.20. We remain in familiar ranges still and until we are out of the choppy sideways channel, 118.80 keeps a lid on the pair while 116.60 acts as support ahead of critical 115.55 mid Dec lows.