USD/JPY: Bulls fighting hard for 122 , NFP in focus

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The USD bulls are struggling to extend gains beyond 122 handle, although remains within a shouting distance of the last, as markets await fresh impetus for further upmoves.

    USD/JPY hovering above 121.88 in last hours

    Currently, the USD/JPY pair trades 0.14% higher at 121.91, testing fresh session highs of 121.95. The USD/JPY pair consolidates to the upside in the mid-European trades, awaiting fresh incentives from the US jobs report, which may set further direction in the major.

    Meanwhile, the calm has spread across the fx board, as traders refrain to create fresh positions ahead of the big event for this week, the US non-farm payroll. The upcoming US jobs report is expected to throw fresh light on the US interest rates outlook.

    USD/JPY Technical levels to watch

    The prices find the immediate resistance at 122 handle and from there to 122.36 (daily R2). A breach of the last, the prices would head towards 122.50 (psychological levels). To the downside, the immediate support in sight at 121.43/35 (200-DMA/ Nov 5 Low), below which 121.06/121 (10-DMA/ round number) would be tested. A break below the last, 120.60/57 (20-DMA/ Nov 3 low) comes into the picture.
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