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USD/JPY: minor recovery stalling on 122 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - USD/JPY is currently trading at 122.66 with a high of 122.79 and a low of 122.62.

    USD/JPY is offered and testing space below the tight and sideways channel's range of overnight trade as the Yen is otherwise consolidating its recent northerly trajectory, despite a broadly stronger greenback. The Yen will benefit on risk aversion and safe haven flows and while the BoJ remain a positive tone in respect to their inflation target, where most members of the BoJ were suggested in the BoJ minutes to be confident that the 2% target will be reached.

    We are moving into the holiday season with Thanksgiving starting today and then the December usual thin trading environment where swings could be volatile, especially with the amount of geopolitical uncertainties and the final and long await FOMC meeting where markets will be very disappointed if the Fed do not rare interest rates, exposing a great deal of potential to the downside in USD/JPY while otherwise year end repatriation flows should be supportive to the greenback.

    USD/JPY levels

    Technically, 122.23 is a key support area while downside targets below here could come as the 121.78 100 DMA and 200 DMA at 121.42. 121 comes as the 55 DMA and could be last stop until the psychological 120 level with 118.00 as core objective in the medium term. Upside could be limited to the 18th August highs of 124.46 through the cluster of MA's and business between July and end of August rising channel.
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