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USD/JPY bounces-off Friday’s low, around 120.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - USD/JPY halts a 2-day slide and trims losses in the early European trades, as the yen bulls take a breather ahead of the European open.

    USD/JPY finds good support at Friday’s low

    Currently, the USD/JPY pair drops -0.18% to 120.41, retreating from session lows reached at 120.26 in mid-Asia. The USD/JPY pair recovers slightly as markets await fresh cues from the European opening bells for further momentum on the major.

    The Japanese currency remains on the bids versus the US dollar as markets are tipping off for a lower start on the European stocks, with the DAX futures dropping -0.43% and the UK’s FTSE losing -0.21%.

    While markets continue to negatively react to the recent set of China PMIs and prefer to hold the safety assets such as the yen as risk-off sentiment extends into Europe.

    Looking ahead, the major will track the sentiment on the European markets ahead of the US manufacturing PMI reports due for release later in the day.

    USD/JPY Technical levels to watch

    The prices would face stiff resistance near 120.60 region (1h 200-SMA), above which the pair could test 121 handle. While the immediate support in sight located at 120.26/18 (Oct 30 Low & 50-DMA), below which 120 (round number) would be tested.
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