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USD/JPY around 117.80 post-US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - USD/JPY has paid little attention to today’s US docket, keeping the trade around 117.80 for the time being.

    USD/JPY muted on releases

    The pair kept the composure after US Initial Claims have increased to 264K during last week, missing market consensus. Further data showed Import Prices contracting 1.2% from November to December, while Export Prices have dropped 1.1% inter-month.

    In the meantime, spot is extending its consolidative pattern in the lower end of the recent range below the 118.00 handle, propped by the resurgence of the risk-off trade in past sessions.

    USD/JPY levels to watch

    The pair is now advancing 0.10% at 117.79 facing the next hurdle at 118.32 (38.2% Fibo of 123.60-116.68) followed by 119.50 (20-day sma) and then 120.67 (high Dec.30). On the flip side, a break below 116.68 (low Jan.11) would open the door to 116.46 (low Aug.24) and finally 115.82 (low Jan.16 2015).
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