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USD/JPY finds support at 1h 100-SMA, rises to 120.70

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - USD/JPY halted its downslide at the hourly 100-SMA located near 120.50 region and attempts a tepid-recovery towards 121 handle.

    USD/JPY eyes hourly 10-SMA at 120.79

    Currently, the USD/JPY pair drops -0.33% to 120.69, heading once again towards hourly 10-SMA. The major tries to recover lost ground somewhat and trims losses as the greenback pares losses along with most Asian indices.

    Moreover, Friday’s BOJ meeting now remains on investors’ minds with BOJ easing prospects at coin’s flip levels, which continue to expose downside risks on the yen. However, the Japanese currency keeps gains against the USD on the back of month-end exports’ sales, while awaiting the sentiment on European stocks for fresh moves.

    Meanwhile, the major will be influenced by a host of crucial macro data from the US, including the durable goods and consumer confidence data due later today.

    USD/JPY Technical levels to consider

    The prices rebound from hourly 100-SMA at 120.55 and heads towards next barrier in sight at 121 (round number), above which the pair would climb further towards 121.43 (200-DMA) and from there to 121.67/73 (100-DMA + Aug 28 High). To the downside, the immediate support might be located at 120.32 (10-DMA), below which 120.11/09 (50 & 20-DMA) would be tested.
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