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2 Dec 2014
USD/JPY hits fresh 7-year highs above 119.00
FXStreet (Córdoba) - USD/JPY broke above 119.00 and climbed to 119.26, reaching a fresh 7-year high. The yen weakened across the board while the US dollar gained momentum and extended gains, hitting daily highs. The pair remains above 119.00 ahead of the release of economic data from the US.
“The Nikkei is dragging USD/JPY slowly higher and a break of 120 is still possible this week. Against that backdrop the dollar overall can make further gains”, said Kit Juckes,Global Head of Currency Strategy at Societe Generale. According to Juckes, technical indicators in the Dollar index (DXY), show that it may be ready for the next stage of its rally.
Wall Street futures point to a positive opening for US stocks while European markets bounced back to the upside. Risk appetite is contributing to a weak yen.
“The Nikkei is dragging USD/JPY slowly higher and a break of 120 is still possible this week. Against that backdrop the dollar overall can make further gains”, said Kit Juckes,Global Head of Currency Strategy at Societe Generale. According to Juckes, technical indicators in the Dollar index (DXY), show that it may be ready for the next stage of its rally.
Wall Street futures point to a positive opening for US stocks while European markets bounced back to the upside. Risk appetite is contributing to a weak yen.