USD/JPY: bears take price back below 200 DMA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is currently trading at 120.80 with a high of 121.08 and a low of 120.83 below the (200 DMA).

    USD/JPY has come under pressure withe Yen strength as Tokyo gets under way.
    The 200 DMA has been penetrated at 120.98 The Asian markets opened lower following a soft start on Wall Street today while markets digest last week's activity ahead of key events this week. We have the Central Banks with the FOMC and the BoJ at the end of the week and a number of data events with durable goods orders as a highlight as well as PCE for the US economy.

    USD/JPY levels

    Below the 200 DMA at 120.97 now, price targets 120.20/59. Ona rebound, the late August highs at 121.76/79 and the 61.8% retracement are key resistances ahead of 123.33 and the 78.6% retracement are guarding 125.00/28 August highs.
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