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30 Dec 2014
USD/JPY: Long at 119.50, target 121.80 – Growth Aces
FXStreet (Barcelona) - The Growth Aces Research Team has a bullish outlook for the USD/JPY pair, targeting 121.80 levels for the pair, noting that the uncertainty surrounding Greece led investors towards the secure Yen.
Key Quotes
“The USD/JPY fell today as investors sought the traditional safety of the Japanese currency after Greece failed to elect a new president on Monday.”
“The Bank of Japan published its plan to buy government bonds under its massive JGB purchase program from January 5. The BoJ reduced the initial purchase amount from January 5 in the following 4 zones: in the 1-year and shorter zone (from JPY 110 bn to JPY 70 bn), in the 1-year to 3-year zone (from JPY 450 bn to JPY 400 bn), in the 3-year to 5-year zone (from JPY 450 bn to JPY 400 bn) and in he over 25-year zone (from JPY 160 bn to JPY 140 bn). The BoJ left the amounts for the 5-year to 10-year zone (JPY 400 bn), floating-rate bonds (JPY 140 bn) and inflation-indexed bonds (JPY 20 bn) unchanged.”
“We used lower levels and got long on the USD/JPY at 119.50. We set the target at 121.80, just below the resistance level of 121.86 (2014 high, December 8). Our stop-loss level is at 118.80.”
Key Quotes
“The USD/JPY fell today as investors sought the traditional safety of the Japanese currency after Greece failed to elect a new president on Monday.”
“The Bank of Japan published its plan to buy government bonds under its massive JGB purchase program from January 5. The BoJ reduced the initial purchase amount from January 5 in the following 4 zones: in the 1-year and shorter zone (from JPY 110 bn to JPY 70 bn), in the 1-year to 3-year zone (from JPY 450 bn to JPY 400 bn), in the 3-year to 5-year zone (from JPY 450 bn to JPY 400 bn) and in he over 25-year zone (from JPY 160 bn to JPY 140 bn). The BoJ left the amounts for the 5-year to 10-year zone (JPY 400 bn), floating-rate bonds (JPY 140 bn) and inflation-indexed bonds (JPY 20 bn) unchanged.”
“We used lower levels and got long on the USD/JPY at 119.50. We set the target at 121.80, just below the resistance level of 121.86 (2014 high, December 8). Our stop-loss level is at 118.80.”