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USD/JPY flirting with highs around 118.30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Japanese currency is trading on a softer tone on Wednesday, prompting USD/JPY to test the upper bound of the range near 118.30.

    USD/JPY higher on Chinese data

    The demand for the safe haven JPY has been diminishing against the backdrop of a firmer tone in the risk appetite trends in response to the surprising Chinese trade figures, with both exports and imports bettering expectations during December.

    The greenback is thus extending its buying interest fort the third session in a row and pushing spot back above the 118.00, where it is now looking to consolidate.

    On the data front, speeches by Fed members Rosengren and Evans along with the Fed’s Beige Book are all due later in the NA session.

    USD/JPY levels to watch

    The pair is now advancing 0.49% at 118.29 facing the next hurdle at 119.33 (38.2% Fibo of 123.60-116.68) followed by 119.79 (20-day sma) and then 120.67 (high Dec.30). On the flip side, a break below 116.68 (low Jan.11) would open the door to 116.46 (low Aug.24) and finally 115.82 (low Jan.16 2015).
    For more information, read our latest forex news.
     

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