Forex Technical Outlook 12-1-2016

Forex Technical Outlook – USDJPY

USDJPY is trading above the March 2016 highs at the 114.44-54 area again. Yesterday the pair peaked against the area. Today in the Asia session, the price moved above the level on it’s way to a test of the mid-February high at 114.86. The high price stalled at 114.82. That remains the high price for the day. The 10 year yield is now trading at a new high water mark at 2.48% . That seems to be helping to drag the USDJPY higher, but today not with much power. USDJPY longs getting tired and the pair is overbought.

USDCAD trading lower today as it is in close corelation to the move of oil. Yesterday crude was 8% higher but hte pair didn’t really react but today CAD is very strong and as long as crude is going higher the pair will go down.

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