Back
4 Dec 2014
USD/JPY falls to 119.65 amid a poor eurozone
FXStreet (San Francisco) - The dollar is reacting lower against the Japanese Yen following the speech of Mario Draghi and his bearish outlook. The USD/JPY fell 30 pips from 119.95 to trade at daily lows around 119.65.
Mario Draghi announced that the ECB lowered forecasts for GDP and inflation for 2014 as well as 2015 and 2016. 2014 revised to 0.8% from 0.9%; 2015 cut to 1% from 1.6% and 2016 down to 1.5% to 1.9%. The ECB president said: "Inflation projections revised significantly downwards, mainly reflect lower oil prices and downward momentum for growth."
Projections still not fully incorporate the recent fall in oil prices and growth. Anyway, Draghi said the ECB will reassess stimulus next year.
Currently, USD/JPY is trading at 119.83, up 0.02% on the day, having posted a daily high at 119.99 and low at 119.69. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish.
USD/JPY levels
If the pair extends declines, it will find next supports at 119.65, 119.50 and 119.10. To the upside, resistances are at 120.00, 120.20 and 122.00.
Good bye USD/JPY; however I will certainly see you back soon here
Mario Draghi announced that the ECB lowered forecasts for GDP and inflation for 2014 as well as 2015 and 2016. 2014 revised to 0.8% from 0.9%; 2015 cut to 1% from 1.6% and 2016 down to 1.5% to 1.9%. The ECB president said: "Inflation projections revised significantly downwards, mainly reflect lower oil prices and downward momentum for growth."
Projections still not fully incorporate the recent fall in oil prices and growth. Anyway, Draghi said the ECB will reassess stimulus next year.
Currently, USD/JPY is trading at 119.83, up 0.02% on the day, having posted a daily high at 119.99 and low at 119.69. USD/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is strongly bullish.
USD/JPY levels
If the pair extends declines, it will find next supports at 119.65, 119.50 and 119.10. To the upside, resistances are at 120.00, 120.20 and 122.00.
Good bye USD/JPY; however I will certainly see you back soon here