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USD/JPY in highs, through 123.00

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Japanese yen continues to depreciate vs. its American counterpart on Monday, now lifting USD/JPY to daily tops beyond 123.00 the figure.

    USD/JPY in 3-day tops

    Speculations of further easing by the BoJ have grown bigger amongst investors in the wake of another disappointing GDP figure in the Japanese economy, contracting more than expected 0.8% QoQ during the third quarter. In addition, the safe haven JPY has reverted the initial Paris-induced strength as markets continue to digest the events in France over the weekend.

    Ahead in the session, the regional manufacturing gauge measured by the Empire State index is due in the US economy ahead of tomorrow’s more significant CPI releases.

    USD/JPY levels to consider

    At the moment the pair is up 0.30% at 123.03 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 120.62 (55-day sma).
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