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USD/JPY jumps back on the bids near 121.20

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/JPY pair jumps back on the bids and reverts to familiar ranges seen during the Asian session, as the greenback regain lost momentum and resumes upside ahead of a plethora of Fed speaks, including Yellen’s testimony due later today.

    USD/JPY supported at 121

    Currently, the USD/JPY pair trades 0.10% higher at 121.19, attempting another run towards daily highs recorded at 121.38 levels. Fresh bids emerged at 121 levels and pushed the USD/JPY pair back into the green zone, as the prevailing risk-on sentiment and strengthening greenback continues to underpin.

    Moreover, rising European stocks, tracking the positive lead from their Asian counterpart, further boosted the appetite for riskier currencies such as the US dollar.

    Looking ahead, markets await a host of important data from the US, including the ADP jobs report due later in the New York session. Besides, the Fed Chair Yellen’s speech will remain the main highlight for today.

    USD/JPY Technical levels to watch

    The prices re-attempts near 200-DMA at 121.42, beyond which doors open for a test of 121.58 (100-DMA) and from there to 122 handle. While to the downside, the immediate support lies at 121/120.95 (today’s low/daily pivot), below which 120.57 (Nov 3 Low) would be tested. A failure to breach the last, the prices could fall further towards 120 handle.
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