- Pivot point at 118.97; USD/JPY support at 118.58, 118.36, 117.75; resistance at 119.19 being tested, next at 119.58, 120.19
- FX pair is climbing toward 119.32, conversion line on Ichimoku chart
- 1-mo. implied volatility up 3 bps at 9.5950%; past 12-mo. avg is 7.9654%
- “Regardless of whether Yellen is dovish or hawkish, her comments will probably act as a catalyst to lift dollar-yen above 120,” says Atsushi Hirano, Tokyo-based head of FX sales Japan at RBS; sees a dovish testimony improving risk sentiment, thereby driving up global stocks, and a hawkish testimony causing U.S. Treasury yields to rise; in both scenarios, expects USD buying and JPY selling
* based on these 2 reports, I rather be buying than selling for UJ today.