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USD/JPY: Bulls fight for control, capped by 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The US dollar continues to trade around a flat-line versus the Japanese yen in early dealings, with USD/JPY frozen around the mid-point of the 119 handle.

    USD/JPY faces strong hurdle near daily highs

    Currently, the USD/JPY pair trades flat at 119.50, comatose in a tight 10-pips range since Asia. The major remains unchanged and keeps the range with little on the cards this session to trigger fresh moves. Hence, the focus turns to the US housing data due later today which may provide the much-needed impetus and revive the pair from the slumber.

    While markets continue to digest the recent Chinese data which offered some support to the yen earlier on Monday while the impressive US NAHB Housing market index brought the USD bulls back in the game.

    Looking ahead, the dollar-yen pair will continue to track the sentiment on the global equities and await the Fed speaks for further momentum.

    USD/JPY Technical levels to consider

    The pair holds remains supported above 119 handle eyeing the next resistance located at 119.55/57 (Todays High + 10-DMA + h1 200-SMA) beyond which 119.79 (20-DMA) could be tested. Above the last, the pair could climb further towards 120 barrier. While to the downside immediate support might be located at 119.18 (h1 100-SMA), below which 118.80 (Oct 16 Low) could be exposed. A breach of the last, the pair could drop to 118.65/62 (Sept 7 & Oct 14 Lows).
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