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18 Sep 2015
USD/JPY drops to lows near 119.60
FXStreet (Edinburgh) - The greenback continues to depreciate vs. its main rivals on Friday, now dragging USD/JPY to test fresh daily lows in the 119.60 area.
USD/JPY weaker post-FOMC
The pair slumped from the 121.00 neighbourhood on Thursday to the current 119.60 area following the dovish tone struck by the FOMC meeting yesterday. Despite chances of a Fed’s lift-off were subdued around the 30%, the Committee failed to deliver at least an upbeat tone in light of the upcoming October and December meetings, leaving USD empty-handed.
With the recently revised dots plot, the Fed now sees one rate hike in 2015, four in the next year, five in 2017 and three hikes in 2018.
USD/JPY levels to watch
As of writing the pair is losing 0.29% at 119.66 and a breach of 119.40 (low Sep.15) would aim for 118.58 (low Sep.4) and then 118.45 (low Aug.25). On the other hand, the immediate resistance lines up at 121.33 (high Sep.10) ahead of 121.85 (high Aug.28) and finally 122.05 (high Aug.23).
USD/JPY weaker post-FOMC
The pair slumped from the 121.00 neighbourhood on Thursday to the current 119.60 area following the dovish tone struck by the FOMC meeting yesterday. Despite chances of a Fed’s lift-off were subdued around the 30%, the Committee failed to deliver at least an upbeat tone in light of the upcoming October and December meetings, leaving USD empty-handed.
With the recently revised dots plot, the Fed now sees one rate hike in 2015, four in the next year, five in 2017 and three hikes in 2018.
USD/JPY levels to watch
As of writing the pair is losing 0.29% at 119.66 and a breach of 119.40 (low Sep.15) would aim for 118.58 (low Sep.4) and then 118.45 (low Aug.25). On the other hand, the immediate resistance lines up at 121.33 (high Sep.10) ahead of 121.85 (high Aug.28) and finally 122.05 (high Aug.23).