USD/JPY hits fresh highs but remains near 123.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY rose further and peaked at 123.17, marginally above European session highs, but pulled back toward 123.00 again. It was trading at 123.04/08, 40 pips above Friday’s closing price.

    The yen opened the week on a strong note amid risk aversion but then bounced to the downside. During the last hours it remained near the lows.

    Stocks in Wall Street are mixed. The Dow Jones is rising 0.18% while the Nasdaq is falling 0.25%. In Europe, equities managed to erase most of the losses and ended modestly lower.

    USD/JPY: End of correction?

    The rally from 122.20 (daily low) pushed the pair to break a short-term downtrend line originated at last week highs. The consolidation on top of the line signaled the end of the corrective move that started a week ago from 123.60.

    If it continues to rise, USD/JPY is likely to test 123.60; if it breaks higher it would be trading at the strongest in three months.
    For more information, read our latest forex news.

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