FX Action: USD-JPY extended to a high of 118.34 FX Action: USD-JPY extended to a high of 118.34, which is up by over a big figure from the Tokyo low at 117.26. A strong rebound in EUR-JPY after the cross came within 15 pips of the 130.0 level has driven the yen broadly lower. Interbank and speculative accounts have been driving EUR-JPY higher, which was ripe for a short squeeze after hefty losses in recent days. Stops added fuel. USD-JPY itself triggered a wave of stop buying through 118.00-10. Analysts expect USD-JPY will be biased higher in the bigger picture as 'Abenomics' policies remain alive and well in Japan. A Bloomberg survey last week found 26 of 33 of economists forecasting new BoJ monetary expansion by the end of October. USD-JPY support is at 117.25, resistance at 118.83-87 and 119.00.
Leftist Syriza party in Greece poised to win national election, WSJ says Exit polls in the Greek national elections show the anti-austerity Syriza party was poised to win a historic victory, says the Wall Street Journal. Reference Link
January 23, 2015
Consumer Sentiment Index to be reported at 10:00 January Consumer Sentiment Index will be reported at 10:00 . Current consensus is 98.2