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USD/JPY bounced off hourly 100-MA, but below 123.00

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 (Mumbai) - The USD/JPY pair bounced-off its hourly 100-MA seen at 122.72, but the recovery failed to take the pair back above 123.00 levels despite uptick in the Asian stocks.

    Stuck between key Fib levels

    The pair has been stuck between the key fib levels since last week. The upside has been capped around 123.55 (76.4% of 125.86-116.08), while the losses have been capped around 122.41 (23.6% of 118.06-123.76).

    The pair is now eyeing the sentiment in the European equity markets. Later in the day, the US ISM manufacturing figure and the employment sub index could influence the pair.

    USD/JPY Technical Levels

    At 122.87, the immediate resistance is seen at 123.00 handle, above which the pair could target 123.55 (76.4% of 125.86-116.08). On the other hand, a break below 122.41 (23.6% of 118.06-123.76) would expose 122.00 handle.
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