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USD/JPY climbs to highs near 123.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is extending its march North at the beginning of the week, sending USD/JPY to session highs near 123.50.

    USD/JPY gathering pace post-Payrolls

    The solid figures of November’s Non-farm Payrolls (211K) have given further legs to the USD rally, which is now sending the pair to daily peaks in the mid-123.00s. Expectations of a Fed’s lift-off at its meeting next week remain the exclusive driver behind the bid tone in USD, supported further by US Treasuries.

    On the data front, the Fed’s Labor Market Conditions Index is next on tap, followed by the speech by St. Louis Fed J.Bullard. Back to Japan, critical GDP figures for the third quarter are due early tomorrow.

    USD/JPY levels to consider

    At the moment the pair is advancing 0.20% at 123.44 with the next resistance at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). On the other hand, a breach of 122.20 (low Nov.16) would expose 121.74 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46).
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