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USD/JPY now flirts with 123.00 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the USD strengthened in early Europe, helping the USD/JPY pair recover from the lows to trade around 123.00 handle.

    Supported at 123.74

    The pair recovered from the low of 123.74 levels, although the move cannot be attributed to any specific fundamental news. The China data received little attention from AUD and other currencies including Yen.

    Meanwhile, the major European equity futures are trading flat and thus offer no clue to funding/safe haven currencies like Yen.

    USD/JPY Technical Levels

    The immediate resistance is located at 123.60 (Nov 9 high), above which the pair could extend gains to 124.58 9July 30 high). On the other side, support is seen at 122.57 (5-DMA), under which the pair could test 122.00. A break below the same would expose 121.75 (100-DMA).
    For more information, read our latest forex news.
     

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