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USD/JPY comes down to test 122.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback continues to give ground on Wednesday, now relegating USD/JPY to visit the area of session lows near 122.60.

    USD/JPY lower on USD-selling

    The selling pressure around the dollar has been intensifying since Monday in spite of the healthy print from November’s US Payrolls (211K), dragging spot to weekly lows around the current area of 122.60, down from the recent ‘double tops’ in the 123.60 area posted in past weeks.

    Absent significant publications in both US and Japanese calendars, the risk trends and US Treasuries will remain the main drivers behind the pair’s performance.

    USD/JPY levels to consider

    At the moment the pair is retreating 0.32% at 122.60 and a breach of 122.20 (low Nov.16) would expose 121.72 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46). On the other hand, the next hurdle lines up at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12).
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