USD/JPY hit 120.19 during European afternoon trade, the pair’s highest since December 9; the pair subsequently consolidated at 120.14.The pair was likely to find support at 118.80, the low of December 19 and resistance at 121.00The U.S. dollar held steady against the yen on Tuesday, hovering at two-week highs and within close distance of a seven-year peak as expectations for a U.S. rate hike in 2015 continued to support demand for the greenback.The dollar remained broadly supported after the Federal Reserve signaled last week that it was on track to raise interest rates next year but said it was taking a patient stance.The yen shrugged off the Bank of Japan’s Monthly Report on Recent Economic and Financial Developments.
INTRADAY OUTLOOK
Support: 120.30
Resistance: 120.85
RECOMMENDATION:
1. Buy USD/JPY Above 120.90-TG:1.121.10/121.40 SL 120.60
2. Sell USD/JPY Below 120.25-TG:1.120.05/119.75 SL 120.55
INTRADAY OUTLOOK
Immediate Support: 1.1610
Immediate Resistance: 1.1650
RECOMMENDATION:
1. Buy USD/CAD Above 1.1655-TG:1.1675/1.1705 SL 1.1625
2. Sell USD/CAD Below 1.1605-TG:1.1585/1.1555 SL 1.1635
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