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29 Dec 2014
USD/JPY on a firm tone above 120.50
FXStreet (Bali) - USD/JPY has been of a firm bullish tone since opening the markets in this slow Monday, with the rate currently making new highs for the session at 120.60 after breaking through 120.46, prior day high.
Valeria Bednarik, Chief Analyst at FXStreet, notes: "The pair opened with a positive tone, following news released on Saturday that the Japanese government approved a stimulus package worth $29 billion, intended to increase economic activity in the weaker regions of the country."
Technically, Valeria adds: "In the 4 hours chart RSI retreated from overbought levels whist momentum heads lower near 100, showing no actual strength. The dominant trend is still bullish, although some downward corrective movement should not be dismissed if the 120.00 level gives up."
Valeria Bednarik, Chief Analyst at FXStreet, notes: "The pair opened with a positive tone, following news released on Saturday that the Japanese government approved a stimulus package worth $29 billion, intended to increase economic activity in the weaker regions of the country."
Technically, Valeria adds: "In the 4 hours chart RSI retreated from overbought levels whist momentum heads lower near 100, showing no actual strength. The dominant trend is still bullish, although some downward corrective movement should not be dismissed if the 120.00 level gives up."