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USD/JPY climbs further, near 120.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is now quickly picking up pace vs. its Japanese counterpart on Thursday, lifting USD/JPY to fresh daily tops in the vicinity of 120.50.

    USD/JPY in 2-week highs

    The pair has managed to break above the prevailing dullness around 119.80/120.00 after the auspicious results from the US docket today, where Existing Home Sales have expanded 4.7% MoM during September or 5.55 million units, both prints surpassing previous forecasts. On the not so bright side, the CB’s Leading Indicator contracted at a monthly pace of 0.2% during the same period.

    The buoyant tone remains around the greenback, propped up by the dovish tone struck by M.Draghi at the ECB meeting today and despite the mixed performance from US Treasuries.

    USD/JPY relevant levels

    At the moment the pair is advancing 0.37% at 120.37 and a surpass of 120.73 (55-day sma) would expose 120.87 (50% Fibo of 125.28-116.46) and then 121.97 (100-day sma). On the other direction, the next support aligns at 118.55 (23.6% Fibo of 125.28-116.46) followed by 118.04 (low Oct.15) and finally 116.16 (low post PBoC move Aug.24).
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