USD/JPY firm, toying with 123.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback is trading on a firmer footing vs. its Japanese counterpart on Thursday, lifting USD/JPY to the vicinity of 123.00 the figure.

    USD/JPY trims weekly losses

    Spot is managing to recover part of the ground lost in previous sessions following the renewed offered tone around the dollar, with pullbacks finding some support around the 122.70 area so far.

    Ahead in the session, and with the US markets returning to normal activity, Initial Claims for the week ended on November 6 area due, ahead of a slew of Fed speakers: Yellen, Bullard, Evans, Fischer, Lacker and Dudley.

    USD/JPY levels to consider

    At the moment the pair is up 0.11% at 123.01 facing the next hurdle at 123.60 (high Nov.9) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). On the other hand, a breakdown of 121.74 (100-day sma) would aim for 120.87 (50% Fibo of 125.28-116.46) and then 120.55 (55-day sma).
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