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USD/JPY: Bulls unstoppable, testing Tuesday’s high near 123.40

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - USD/JPY prolongs its upward march on the 123 handle, having caught fresh bid tone near hourly 20-SMA at 123.14, and now appears to test 123.45 - last Tuesday’s high.

    USD/JPY trades above most major DMAs

    Currently, the USD/JPY pair trades 0.15% higher at 123.37, easing-off fresh five-day highs scored at 123.41 last minutes. The major received fresh impetus from a renewed bout of buying interest seen in the US dollar, especially against the euro as markets continue to weigh Paris terror attacks’ impact on the Euro land. The USD index rises 0.17% to 99.65, the highest levels since April this year.

    Moreover, rebound in risk-appetite as Asian equities are seen rallying through the roof, reduced the demand for safe-havens such as the Japanese yen. The Japanese benchmark, the Nikkei jumps +1.61%, Australia’s S&P/ASX index rallies +1.40% while the Shanghai Composite advances over 1.50%.

    Amid lack of fresh fundamental triggers for the pair in the Asian hours, USD/JPY will continue to track the broader market sentiment. While the US inflation report due later in the NY session is expected to hog the limelight.

    USD/JPY Technical levels to watch

    The prices trade firmer above 123 handle and now head towards 123.45/50 (Nov 10 High/ psychological levels). A break above the last, the major could test 123.61 (Nov 9 High). To the downside, the immediate support in sight at 122.97 (daily pivot/ 10-DMA) below which 122.87/84 (1h 100-SMA/ 5-DMA) would be tested. A break below the last, 122.61 (daily S1) comes into the picture.
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