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USD/JPY battling back to 119.61 high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is up slightly on improving risk sentiment in Asia, but we are far from out of the woods yet.

    The Yen is favored in times of uncertainty and will be underpinned by its safe haven status for a long time to come while concerns around Global growth are deep-rooted and problems in the Middle East weigh on markets and investors nerves.

    We lost the 120 handle yesterday, and struggle to maintain territory in the 119 handle after making lows as far as 118.62. The week ahead will be key, monitoring China, PBoC, commodity and stock markets and the US jobs sector in Nonfarm Payrolls at the end of the week.

    USD/JPY levels

    Technically, we have broken 119.50's are key for the bulls while deeper support below the aforementioned lows start at the 2012-2015 uptrend near 118.06 at the October 2015 low). Below the market, 119.51 at time of writing, the previous Fibo support is at 119.06 as support and by the low of 119.09 in the session so far.
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