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8 Dec 2014
USD/JPY extends decline below 121.00
FXStreet (San Francisco) - The Japanese Yen is recovering ground versus the US dollar as the pair is trading in a phase of profit-taking above 121.50. The USD/JPY is now about 80 pips down in the day at 121.85.
Currently, USD/JPY is trading at 120.83, down 0.51% on the day, having posted a daily high at 121.85 and low at 120.75. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/JPY sentiment
The Yen is advancing despite the downward revision of Japanese GDP Q3 reported overnight. The data confirm that Japan is in recession less than a week before the election that Shinzo Abe called as a referendum on his economic plan, known as Abenomics.
Below the 120.80, the USD/JPY will find supports at 120.15 and 120.00. To the uspide, resistances are at 121.00, 121.30 and 121.60.
Currently, USD/JPY is trading at 120.83, down 0.51% on the day, having posted a daily high at 121.85 and low at 120.75. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
USD/JPY sentiment
The Yen is advancing despite the downward revision of Japanese GDP Q3 reported overnight. The data confirm that Japan is in recession less than a week before the election that Shinzo Abe called as a referendum on his economic plan, known as Abenomics.
Below the 120.80, the USD/JPY will find supports at 120.15 and 120.00. To the uspide, resistances are at 121.00, 121.30 and 121.60.