USD/JPY firmer, 121.00 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is gathering further traction vs. its Japanese peer at the end of the week, lifting USD/JPY to the boundaries of 121.00 the figure.

    USD/JPY stronger after PBoC move

    The greenback grabbed further buying interest after the PBoC lowered by 25 bp both its benchmark and lending rates, giving further support to today’s upside in the pair.

    Adding to the upbeat sentiment, US Treasuries yields continue to outperform ahead of Markit’s flash manufacturing PMI due later (52.8 exp.).

    USD/JPY relevant levels

    At the moment the pair is advancing 0.21% at 120.95 and a surpass of 121.91 (61.8% Fibo of 125.28-116.46) ahead of 122.00 (psychological level) and finally 123.20 (76.4% Fibo of 125.28-116.46). On the other direction, the next support aligns at 118.55 (23.6% Fibo of 125.28-116.46) followed by 118.30 (2-month uptrend) and then 116.16 (low post PBoC move Aug.24).
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