USD/JPY consolidates at weekly lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY found support at the 122.35 area and entered a consolidation phase, with the pair moving erratically in a slim range over the last hours as investors remain wary amid geopolitical concerns and with the greenback unable to benefit from an upward US GDP revision.

    USD/JPY edged lower on Tuesday, extending a corrective move from 2 ½-month highs posted last week in the vicinity of 124.00. At time of writing, the pair is trading at 122.45, down 0.31% on the day.

    Separated data showed US consumer confidence worsened in November, with the index falling to 90.4 versus 99.5 expected, while the Richmond Fed manufacturing index showed the sector continued to contract (-3 vs 0 exp).

    USD/JPY levels to watch

    In terms of technical levels, next supports are seen at 122.20 (Nov 16 low), 121.74 (100-day SMA) and 121.37 (200-day SMA). On the other hand, resistances could be found at 122.95 (Nov 24 high), 123.25 (Nov 23 high) and 123.74 (Nov 18 high) ahead of 124.15 (Aug 20 high).
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