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USD/JPY keeps highs near 118.30

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback remains on the rise vs. the Japanese currency today, with USD/JPY advancing above the 118.00 handle ahead of the opening bell across the pond.

    USD/JPY in weekly highs

    Spot keeps alive the rebound from recent multi-month troughs below the 116.00 handle, managing to retake the key barrier at 118.00 and advance to peaks near 118.30, all against the renewed sentiment towards risk aversion and a firmer demand surrounding the dollar.

    Next of relevance for the pair will be US Markit’s flash manufacturing PMI for the current month followed by Existing Home Sales

    USD/JPY levels to watch

    The pair is now advancing 0.67% at 118.28 facing the next hurdle at 118.52 (20-day sma) followed by 118.88 (38.2% Fibo of 123.60-115.96) and then120.67 (high Dec.29). On the other hand, a breach of 115.96 (low Jan.19) would aim for
    115.82 (low Jan.15 2015) and finally 115.56 (low Dec.15 2014).
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