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6 Feb 2015
USD/JPY falls below 119.00 on profit taking
FXStreet (San Francisco) - After climbing over 200 pips from 117.10 to trade at highs since January 12 after the good US employment report, the USD/JPY started a consolidation phase that was followed by profit taking before the closing bell.
The USD/JPY is now 40 pips from highs and below the 119.00 handle. Currently, USD/JPY is trading at 118.82, up 1.09% on the day, having posted a daily high at 119.24 and low at 117.17.
The FXStreet OB/OS Index is reflecting extremely overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
USD/JPY Sentiment
According to Neal Gilbert from FOREX.com, the USD/JPY i 'finally breaking out of the weeks long range, thanks to NFP, is encouraging; perhaps now a rally can take shape.'
If the pair extends decline below 118.80, it will find next supports at 118.60 and 118.50. To the upside, resistances are at 119.20, 119.60 and 120.00.
The USD/JPY is now 40 pips from highs and below the 119.00 handle. Currently, USD/JPY is trading at 118.82, up 1.09% on the day, having posted a daily high at 119.24 and low at 117.17.
The FXStreet OB/OS Index is reflecting extremely overbought hourly conditions, while the FXStreet Trend Index is slightly bullish.
USD/JPY Sentiment
According to Neal Gilbert from FOREX.com, the USD/JPY i 'finally breaking out of the weeks long range, thanks to NFP, is encouraging; perhaps now a rally can take shape.'
If the pair extends decline below 118.80, it will find next supports at 118.60 and 118.50. To the upside, resistances are at 119.20, 119.60 and 120.00.