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USD/JPY climbs to fresh highs, but falters ahead of 10-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/JPY reversed early losses and climbed to fresh highs during the American session as mixed Japanese inflation figures and auspicious prints from the labour market failed to lend further support to the yen.

    USD/JPY bottomed out at the 122.30 zone, and having climbed more than half a cent over the last hours, it reached a peak of 122.85 in recent dealings. However, the pair stalled ahead of the 10-day SMA, which has been capping every upside attempt over the last days.

    At time of writing, the pair is trading at 122.82, recording a 0.24% daily gain although it remains virtually unchanged over the week.

    USD/JPY levels to watch

    In terms of technical levels, next resistances are seen at 122.93/95 (10-day SMA/Nov 24 high), 123.25 (Nov 23 high) and 123.74 (Nov 18 high) ahead of 124.15 (Aug 20 high). On the flip side, supports could be faced at 122.20 (Nov 16 low), 121.77 (100-day SMA) and 121.43 (200-day SMA).
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