The dollar started the week with a strong ahead of the long holiday, while the euro to a two-year low against the greenback due to the divergence of monetary sentiment rose from the ECB. The sentiment burst after ECB governing council member Luc Coene, said in a newspaper interview on Saturday that the bank will start buying government bonds to overcome bruuk investor confidence and low inflation in the euro zone at the beginning of 2015.
Meanwhile, the yen was slightly lower in early Asian session today, in the minimal data. However, later during the Monthly Economic Bank of Japan for December will be released (12. 00 GMT+07).
From Friday until today, USDJPY still survive in the 119’s, to maintain its bullish trend line.
With the lack of data and are generally less liquid markets ahead of the long holiday, USDJPY has the potential to not move much and survive the range of 119.
When viewed from the daily average movement, USDJPY is still likely to test the area 120, or even test the intraday low in the range of 118.
Here is the level of support and Resistance for USDJPY ;
Support: 119.00 – 118.23 – 117.43
Resistance: 119.66 – 120.00 -120.25