USDJPY Daily Analysis – December 15, 2014

USDJPY is facing 117.23 support, as long as this level holds, the fall from 121.84 could be treated as consolidation Yen stackof the uptrend from 105.32 (Oct 15 low).

Sideways movement in a range between 117.23 and 121.84 would likely be seen over the next several days, and another rise towards 125.00 is still possible after consolidation.

 

20141215_USDJPY_1

Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the Japanese Yen (USDJPY), minus ETF fee. The fund seeks to reflect the price of the Japanese yen (USDJPY) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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