US Dollar falls further vs. JPY, breaches 122.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The offered tone around the dollar remains unabated on Wednesday, now sending USD/JPY to break below the key support at 122.00 the figure.

    USD/JPY weaker as USD-selling picks up pace

    The greenback continues to lose ground vs. its main rivals today, with US Treasuries deeper into negative territory for the day and riskier assets gathering traction across the board.

    USD-dynamics and risk-appetite trends look poised to be the sole drivers for the pair in the near term, as the US calendar losses appeal in light of next week’s FOMC gathering.

    USD/JPY levels to consider

    At the moment the pair is retreating 0.86% at 121.93 and a breach of 121.72 (100-day sma) would expose 121.00 (psychological level) and then 120.87 (50% Fibo of 125.28-116.46). On the other hand, the next hurdle lines up at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12).

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