12 Feb 2015
USD/JPY: Offered in Tokyo open
FXStreet (Guatemala) - USD/JPY is currently offered in the open of Tokyo, scaling the rally back down from the highs of 120.48 to 120.07 the low.
USD/JPY has been better bid from the mid point of 119 handle on a convincing run until supply and ahead of further key resistance at 120.70/90 and the 121.86 December high further on. There after, we have the 122.45 15 year downtrend major 123.40 resistance. We have the 123.40 target as the long term Fibonacci retracement. Below, we remain with the 115.50 mid Dec 2014 levels as a base for the bulls to rely upon within the broader medium term range.
Across in Europe, where the main focus has been based this week, the Eurogroup meeting for today finished up with Greece without any joint conclusions and another meeting is due on Monday. There is however some positiveness in the mentions of a bailout extension, although there were no conclusions as there are still technical works needed to be done. Dialogue was the main achievement from today's meeting, having established channels of communications and understanding between the Greeks and EU ahead of a potential agreement.
USD/JPY has been better bid from the mid point of 119 handle on a convincing run until supply and ahead of further key resistance at 120.70/90 and the 121.86 December high further on. There after, we have the 122.45 15 year downtrend major 123.40 resistance. We have the 123.40 target as the long term Fibonacci retracement. Below, we remain with the 115.50 mid Dec 2014 levels as a base for the bulls to rely upon within the broader medium term range.
Across in Europe, where the main focus has been based this week, the Eurogroup meeting for today finished up with Greece without any joint conclusions and another meeting is due on Monday. There is however some positiveness in the mentions of a bailout extension, although there were no conclusions as there are still technical works needed to be done. Dialogue was the main achievement from today's meeting, having established channels of communications and understanding between the Greeks and EU ahead of a potential agreement.