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USD/JPY below 123.00 on poor ISM

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback has deflated a tad vs. its Japanese peer on Tuesday, with USD/JPY coming down to test the area of 123.00/122.90 in the wake of the US ISM result.

    USD/JPY breaches 123.00

    Spot is now facing renewed downside pressure following the release of the key ISM Manufacturing PMI in the US economy. The ISM has dropped to 48.6 for the month of November, showing that the Employment component ticked higher to 51.3 vs. 47.6 prev., while Prices Paid and New Orders came in lower than October’s.

    Ahead in the session, Chicago Fed C.Evans will start the weekly schedule of Fed speakers, all against the backdrop of a potential rate hike by the Federal Reserve at its meeting later in the month.

    USD/JPY levels to consider

    At the moment the pair is losing 0.17% at 122.87 and a breakdown of 122.20 (low Nov.16) would expose 121.78 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46). On the flip side, the immediate hurdle lines up at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12).
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