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USD/JPY: bears have it in early Asia, bulls recovering

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - USD/JPY is currently trading at 121.00 with a high of 121.04 in early Asia and a low of 120.97 (200 DMA).

    USD/JPY is starting out in a phase of consolidation this week while we await the US data releases, Central Banks with the FOMC and the BoJ at the end of the week. The price action within the phase of consolidation is mostly in favour of the bulls who are regaining the 121 handle.

    USD/JPY levels

    From here, if there is follow through, to the upside, there are the late August highs at 121.76/79 and the 61.8% retracement which could prove to be a tough area of resistance. Further a field, in a continuation of the uptrend, 123.33 and the 78.6% retracement are guarding 125.00/28 August highs.

    On the flip side, the key level on target comes as the 200 DMA at 120.97 where we have seen a low already at and below there 120.20/59 could be strong support.
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