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USD/JPY: Locked-in tight range around 120.70

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - USD/JPY continues to trade around a flat-line near hourly 200-SMA and awaits the European opening bells for fresh incentives, after light trading witnessed during Asia.

    USD/JPY stuck between hourly MAs

    Currently, the USD/JPY pair trades -0.08% lower at 120.66, languishing near daily lows reached at 120.64. The major is seen trading in an absolutely tight range, moving few pips between hourly 100 & 200-SMA placed at 120.71 and 120.65 respectively.

    The USD/JPY pair trades lack-lustre amid no economic news on the Asian calendar as the Japanese markets remained closed today while the European session ahead also has nothing relevant to offer, which might spur some volatility in markets.

    Hence, attention now shifts to the US factory orders data due for release later today for fresh momentum while the major may take cues from the risk-off/on sentiment on the European and US stock markets.
    Later this week, plenty of risk events are in store for the major, including Wednesday’s Fed Chair Yellen’s testimony, Fed speaks and the highly-influential non-farm payrolls data from the US due for release on Friday.

    USD/JPY Technical levels to watch

    The prices trade above the daily pivot placed at 120.60, above which the pair could test 121 handle. Above the last, the next barrier in sight is placed at 121.42 (200-DMA) While the immediate support in sight located at 120.26/22 (Oct 30 Low & 50-DMA), below which 120 (round number) would be tested.
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