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USD/JPY breaks intraday range and falls below 120.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - On a quiet US session amid low volume, USD/JPY moved to the downside and printed a fresh daily low at 119.89. The pair is trading below 120.00, 30 pips below the level it closed last week.

    Wall Street is closed today and stocks futures remain steady, modestly higher from Friday’s levels. Crude oil and gold dropped during the last hours. The WTI barrel fell to $48.50, hitting the lowest since Thursday while the value of the ounce of gold trimmed gains and moved toward $1160.

    Chicago Federal Reserve Bank president, Charles Evans, repeated last week comments and said he would like to prefer to wait until 2016 to raise rates. According to him, the biggest risk to the US economy is global growth.

    USD/JPY levels to watch

    The intraday trend is now bearish as the pair consolidates below 120.05/10 (20 hour MA) but on a wider perspective it remains sideways. To the downside, immediate support might be seen at 119.75 (Oct 7 low) and 119.60 (last week low).

    On the upside, 120.05/10 has now become a resistance area while above the next resistance currently stands at 120.15 (short-term downtrend line) followed by 120.35 (Oct 9 high).
    For more information, read our latest forex news.
     

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