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US dollar extends slide below 123.00 versus yen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The yen has continued to strengthen versus the US dollar, dragging USD/JPY to 4-day lows sub-123.00 at the beginning of the New York session.

    The yen was underpinned by the risk off tone and a stronger-than-expected estimate of Q3 Japanese GDP, with USD/JPY turning lower after two days of gains and hitting a low of 122.70 in recent dealings. At time of writing, the pair is trading at 122.85, recording a 0.41% loss on the day.

    From a wider perspective however, USD/JPY has been going through a consolidation phase since mid November within a range of 122.20-123.75, unable to set a longer-term direction. In the absence of first-tier data, main focus remains on Federal Reserve meeting next week and the greenback remains favored amid prospects the bank will raise rates.

    USD/JPY technical levels

    As for technical levels, next supports could be faced at 122.46 (Dec 7 low), 122.20 (Nov 16 low), 121.71 (100-day SMA) and 121.55 (200-day SMA). On the flip side, resistances line up at 123.46 (Dec 7 high), 123.74 (Nov 18 high), 124.15 (Aug 20 high) and 124.45 (Aug 19 high).
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