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12 Nov 2014
USD/JPY threatens 115.00
FXStreet (Edinburgh) - USD/JPY is trading in the lower end of today’s range around 115.10/00, coming down from overnight tops around 115.80.
USD/JPY poised to test 115.00?
The greenback is trading on a mixed tone vs. its main competitors on Wednesday, although further weakness vs. the Japanese currency could prompt another visit of the critical support at 115.00. In the data front, the Tertiary Industry index in Japan surpassed estimates advancing 1.0% on a monthly basis in September, adding buying interest to the JPY. In the same tone, speculations continue to build up regarding a delay by Abe’s administration of the implementation of the sales tax hike, probably towards April 2017. “Overall, we continue to believe that if the sales tax hike is delayed it will increase downside risks for the yen in the year ahead”, observed Lee Hardman, Currency Analyst at BTMU.
USD/JPY key levels
The pair is now down 0.39% at 115.01 and a breach of 114.72 (61.8% of 113.86-116.11) would aim for 114.63 (low Nov.11) and finally 113.86 (low Nov.10). On the other hand, the initial hurdle lines up at 116.01 (high Nov.12) ahead of 116.11 (2014 high Nov.11) followed by 116.70 (high Oct.18 2007).
USD/JPY poised to test 115.00?
The greenback is trading on a mixed tone vs. its main competitors on Wednesday, although further weakness vs. the Japanese currency could prompt another visit of the critical support at 115.00. In the data front, the Tertiary Industry index in Japan surpassed estimates advancing 1.0% on a monthly basis in September, adding buying interest to the JPY. In the same tone, speculations continue to build up regarding a delay by Abe’s administration of the implementation of the sales tax hike, probably towards April 2017. “Overall, we continue to believe that if the sales tax hike is delayed it will increase downside risks for the yen in the year ahead”, observed Lee Hardman, Currency Analyst at BTMU.
USD/JPY key levels
The pair is now down 0.39% at 115.01 and a breach of 114.72 (61.8% of 113.86-116.11) would aim for 114.63 (low Nov.11) and finally 113.86 (low Nov.10). On the other hand, the initial hurdle lines up at 116.01 (high Nov.12) ahead of 116.11 (2014 high Nov.11) followed by 116.70 (high Oct.18 2007).