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US Dollar trims losses vs. Yen, re-takes 123

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Having found strong support near the hourly 200-SMA at 122.81, the USD/JPY pair continues its struggle to regain 123 handle ahead of Europe open.

    USD/JPY bounced-off lows near 1h 100-SMA

    Currently, the USD/JPY pair drops 0.16% to 122.92, recovering from session lows reached at 122.64. The major is seen recovering partial losses, supported by expectations of an upbeat start to the European session, tracking the solid gains on its Asian counterparts.

    Pre-European open, futures for Germany's DAX 30 index rose 0.28% to 10,410.50, while futures for the UK's FTSE 100 index gained 0.61% to 6,391.30.

    However, the upside remains limited on the back of broad based US dollar weakness after investors booked profits on their USD longs after the recent upsurge to multi-month highs.

    Later in the day, the major will be influenced by the sentiment on the European and the US equities ahead of the US ISM manufacturing PMI report.

    USD/JPY Technical levels to watch

    The prices extend recovery and find the immediate resistance at 123 (round number). A break above the last, the major could test 123.28 (Today’s High). While to the downside, the immediate support is placed at 122.28/29 (Nov 27 & 24 Low) below which 121.76 (200-DMA) would be tested.
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