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US/JPY advances further, flirting with 118.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Japanese yen continues to lose ground vs. its American counterpart on Tuesday, now lifting USD/JPY to the very doorsteps of the 118.00 handle.

    USD/JPY bolstered by risk appetite

    After an ephemeral knee-jerk to the vicinity of 117.20 following Chinese data in early trade, the pair has initiated a strong rebound and is now trading at shouting distance from the key barrier at 118.00 amidst increasing an increasing risk-on environment.

    Absent releases in the Japanese docket, all eyes were on the Chinese GDP figures this morning in Asia, although their poor performance have just prompted a brief reaction in the markets. Ahead in the NA session, second-tier releases will see the NAHB index and TIC Flows.

    USD/JPY levels to watch

    The pair is now advancing 0.53% at 117.98 facing the next hurdle at 118.17 (23.6% Fibo of 123.60-116.49) followed by 118.77 (20-day sma) and finally 120.70 (100-day sma). On the flip side, a breach of 116.49 (low Jan.14) would expose 116.46 (low Aug.23) and then 115.82 (low Jan.15 2015).
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