USD/JPY confined to a range, Japanese data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY entered a consolidation phase, as most pairs in the FX market, amid low liquidity given the US Thanksgiving holiday which may ensure subdued trading until next week when central banks and US employment report will awake investors’ interest.

    During next Asian session, Japan will release inflation data for October, alongside with employment and investment figures, which could trigger moves on the pair. Market consensus sees the National CPI Ex Food and Energy coming in at 0.8% on a year to October vs. 0.9% previous.

    USD/JPY has spent the last hours within a lower range between 122.50 and 122.70 after failing to regain the 123 mark the previous day. At time of writing, the pair is trading at 122.55, 0.13% below its opening price.

    USD/JPY levels to watch

    In terms of technical levels, next resistances are seen at 122.95 (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 121.41 (200-day SMA).
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