USD/JPY clings to 119.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY has fallen for three consecutive days, briefly sliding below the 119.00 level, with the yen as the main exception among currencies accomplishing gains versus the dollar.

    USD/JPY bottomed out at 118.78 on Tuesday, although it managed to hold above previous session low of 118.69. The pair has entered a consolidation phase over the last hours amid relatively subdued trade, and it was last trading at 119.00, still 0.36% below its opening price

    USD/JPY technical levels

    As for technical levels, immediate supports are seen at 118.69 (Jan 4 low), 118.05 (Oct 15 low) and 117.16 (Feb 6 2015 low). On the other hand, resistances could be encountered at 119.69 (Jan 5 high), 120.34 (10-day SMA) and 121.10 (20- and 100-day SMA).
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