USD/JPY holds above 120

Posted On 29 Dec 2015

USD/JPY opened the Asian session on Tuesday at 120.40 after holding above 120.00 despite decent selling. The pair slipped from the early Asia high at 120.43 down to 120.23 but heading into the afternoon the USD/JPY was trading around 120.30. Support lies at 50% of the 116.14/123.77 move at 119.95.

EUR/USD opened in Asia at 109.68 after an extremely quiet US session. The pair has opened within 10 pips of 1.0965 for 4 of the last 5 trading days. EUR/USD traded up to 1.0983 in the Asian session before trading around 1.0975 in late session. The bias is neutral for now in a range, with buyers lined up ahead of 1.0800 and selling and resistance above 1.1000.

AUD/USD opened Asia 0.7251 after being weighed down by selloff in copper & oil. It was bid through the Asian session. This showed up in equities with Australian ASX up over 0.50% despite the Wall Street fall. AUD/USD traded as high as 0.7366 and was trading around there into afternoon. Consolidation expected into the year-end. Sellers are likely around 0.7300 while buyers are lined up ahead of 0.7200.

NZD/USD opened at 0.6850, thus far in Asia traded tight 0.6849/66 range, last at 0.6856.
With technicals bullish, test of 0.6900 remains in prospect.

In equity markets, Nikkei was flat around 18,875. The Shanghai Composite was plus 0.13 late in morning.

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