USD/JPY down 38 pips to 122.59 in Asia-Pacific trading
USD/JPY made two extended dips below 121.60 after the Fed decision but it's now 100 pips higher in a good grind higher in Asia.
The lone fundamental news was the Japanese Nov trade balance report. It was disappointing on the import and export front and that slightly raises the odds of a more-dovish BOJ but the main driver is US dollar strength across the board at the moment. It's all about the Fed.
Bids:
- 122.43 - Dec 16 high
- 122.21 - Asian low
- 121.60 - the 55/100/200-day moving averages are all there
- 121.00 - medium bids
Offers:
- 122.64 - session high
- 122.85 - offers
- 123.00 - larger offers on approach
- 123.45/50 - Dec 7 high
For me the risk trade is the big story at the moment and the stock market has some great momentum.
