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USD/JPY attempts another run towards 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD bulls jumped back into the bids in the mid European session, driving USD/JPY to fresh daily highs just shy of 10-DMA located at 120.92.

    USD/JPY bounces-off hourly 50-DMA

    Currently, the USD/JPY pair trades 0.05% higher at 120.81, hovering close to fresh daily highs recorded at 120.87 some minutes ago. The major found renewed bids near hourly 50-DMA located at 120.62 levels and swung back into gains, now attempting another run to break through the strong 10-DMA resistance.

    The USD/JPY pair also garnered significant strength in the last hours after the US dollar was caught by a fresh bid-wave against its major competitors. The USD bulls continue to cheer the recent set of upbeat US manufacturing PMI reports, which added to growing Dec Fed rate hike expectations.

    More so, the yen remains little affected by the subdued sentiment on the European markets as the attention now shifts to the US factory orders data due for release later today. Markets are expecting the decline in the factory orders to ease in Oct (-0.8% exp.) against -1.7% booked previously.

    USD/JPY Technical levels to watch

    The prices appear to test 10-DMA located at 120.92, above which the pair could test 121 handle. Above the last, the next barrier in sight is placed at 121.42 (200-DMA) While the immediate support in sight located at 120.26/22 (Oct 30 Low & 50-DMA), below which 120 (round number) would be tested.
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