9 Dec 2014
Yen improves as USD/JPY pair dips below 120 – MP
FXStreet (Barcelona) - Kenny Fisher, Currency Analyst at MarketPulse, notes that the yen has recovered much of last week’s losses, having gained close to 200 points since the start of the week, with the USD/JPY pair trading below 120 levels.
Key Quotes
“USD/JPY has posted slight losses on Tuesday, as the pair trades below the 120 line. The yen has recovered much of last week’s losses, having gained close to 200 points since the start of the week. On the release front, Japanese Preliminary Machine Tool Orders improved to a 4-month high.”
“The economy is clearly in trouble, as Final GDP contracted in the third quarter by 0.4%. The second quarter reading was downgraded to -1.9%, compared to the original forecast of -1.6%. These numbers reiterate the Preliminary GDP data back in November, which showed a second straight quarter of decline, indicating recession.”
“There was better news from Current Account, as the surplus continued to JPY 0.95 trillion, well above the estimate of JPY 0.46 trillion.”
“USD/JPY is showing some volatility on Tuesday. The pair lost ground in the Asian session. USD/JPY rebounded in the European session but then retracted. The dollar remains under pressure in the North American session.”
“118.69 is providing strong support.”
“119.63 is under strong pressure. 120.63 is stronger”
Key Quotes
“USD/JPY has posted slight losses on Tuesday, as the pair trades below the 120 line. The yen has recovered much of last week’s losses, having gained close to 200 points since the start of the week. On the release front, Japanese Preliminary Machine Tool Orders improved to a 4-month high.”
“The economy is clearly in trouble, as Final GDP contracted in the third quarter by 0.4%. The second quarter reading was downgraded to -1.9%, compared to the original forecast of -1.6%. These numbers reiterate the Preliminary GDP data back in November, which showed a second straight quarter of decline, indicating recession.”
“There was better news from Current Account, as the surplus continued to JPY 0.95 trillion, well above the estimate of JPY 0.46 trillion.”
“USD/JPY is showing some volatility on Tuesday. The pair lost ground in the Asian session. USD/JPY rebounded in the European session but then retracted. The dollar remains under pressure in the North American session.”
“118.69 is providing strong support.”
“119.63 is under strong pressure. 120.63 is stronger”