USD/JPY: downside opening up on risk-off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is currently trading at 122.43 with a high of 122.58 and a low of 122.39.

    USD/JPY is falling away in the Tokyo open after the BoJ's minutes claimed that most members say underlying inflation trend is improving and remain optimistic that the 2% target will be achieved in the said timeframe. The Yen will stay in favour in uncertain times and while Global tensions are mounting over Syria investors will seek safe havens again, capping the recent recovery in the major with the daily 20 DMA pressured at time of writing and targeting a close below it.

    Today will be the last data from the US before the Thanksgiving holidays and thinner markets. Durable Goods Orders are key tomorrow and they are expected to rebound modestly, retracing some of the losses over the prior two months. These will be an important input and could signal a stabilization in business capital investment activity following the summer blip.

    USD/JPY levels

    Technically, Valeria Bednarik, chief analyst at FXStreet noted that the major seems to have established a double top in the 123.60region. 122.60/23 region is being eroded and a continuation of the downside opens up the 3 month support line at 119.48 guarding the next key support at 118.61 the 2012-2015 uptrend.
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