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USD/JPY off highs on US data, keeps 121.00

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback keeps the upbeat tone vs. the Japanese currency on Tuesday, nw sending USD/JPY to session tops in the boundaries of 121.20.

    USD/JPY off highs post-releases

    The pair has retreated from session highs after US Factory Orders have once again disappointed investors today, this time contracting 1.0% from August to September vs. a forecasted drop of 0.9%; Factory Orders excluding the Transportation sector have contracted 0.6%, a tad better from the previous 1.1% drop.

    In the meantime, spot is extending its weekly advance after rebounding from the 120.20 area, where sits the 55-day sma, retaking the 121.00 handle and on track to challenge last week’s tops near 121.50.

    USD/JPY levels to consider

    At the moment the pair is up 0.30% at 121.12 and a breakout of 121.53 (high Oct.26) would open the door to 121.72 (100-day sma) and finally 121.91 (61.8% Fibo of 125.28-116.46). On the other hand, the immediate support aligns at 120.17 (55-day sma) ahead of 119.84 (38.2% Fibo of 125.28-116.46) and then 118.68 (2-month uptrend).
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