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USD/JPY jumps to 122.75, 123 on sight

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The USD/JPY pair continues to waver back and forth within today’s daily range so far, having found good support near 122.50 region.

    USD/JPY forms a small doji on daily sticks

    Currently, the USD/JPY pair trades 0.15% higher at 122.75, bouncing-off session lows reached at 122.47 in late-Asian trades. The US dollar picked-up significant strength versus the yen in the last hours and attempts another run towards 123 handle, as the risk-off sentiment eases amid strengthening European indices futures, tipping off for a positive start for the European markets. Germany’s DAX futures rise 0.65% while the UK’s FTSE futures advance 0.36% so far.

    Moreover, markets resort to profit-taking ahead of the crucial NFP data, after the major resisted the key support at 122.20 levels on Thursday. Attention now remains on the US NFP report, which is expected to print 201k in Nov against a stellar 271k numbers booked previously.

    USD/JPY Technical levels to watch

    The prices rebound and find the immediate resistance is located at 122.84/87 (1h 200-SMA/ 20-DMA). A break above the last, the major could test 123/123.04 (round number/ 1h 20-SMA). On the flip side, the immediate support placed at 122.27 (Dec 3 Low) below which 121.81 (200-DMA) would be tested.
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