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USD/JPY fails to sustain gains, back below 121.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY turned lower and retraced intraday gains as the US dollar failed to retain the firm tone against the yen with risk sentiment deteriorating during the European session.

    USD/JPY failed to hold above the 121.00 level and turned south, falling toward a session low of 120.65 in recent dealings. At time of writing, the pair was trading at 120.78, virtually unchanged on the day.

    In the absence of first-tier data and only two days ahead of the Federal Reserve verdict, investors might choose to either remain sidelined or adopt a cautious stance.

    USD/JPY levels to watch

    On the downside, next supports are seen at 120.57 (Dec 11 low), 120.24 (Nov 2 low) and then 120.00 (psychological level). On the flip side, resistances could be faced at 121.60/61 (50- 200- and 100-day SMAs) and then the 122.25/30 area (former support zone) ahead of 123.00 (psychological level).

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