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USD/JPY off lows, back around 122.90

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - USD/JPY witnessed renewed buying interest and reverted to 122.90 region, as we progress towards the European open, now attempting another run to surpass 123 handle.

    USD/JPY rises from 122.75 lows

    Currently, the USD/JPY pair trades modestly flat at 122.90, sell-off every attempt to 123 barrier. Fresh demand for the US dollar across the board seen in early Europe pushes USD/JPY back towards the opening price, extending a minor recovery from 122.75 daily lows.

    The yen slips from almost two-week highs reached at 122.62 levels against its American counterpart as favourable sentiment persists towards the greenback in light of better than estimates US jobless claims and manufacturing data. While the recent Fed speaks which signaled Dec Fed rate hike is almost certain also keeps USD/JPY buoyed.

    Amid lack of economic news in today’s trading session, the focus now remains on Fed member Dudley’s speech due later in the NY session.

    USD/JPY Technical levels to watch

    The prices trade below 123 handle and face immediate resistance at 123.06 (1h 200-SMA). A break above the last, the major could test 123.21 (5-DMA). To the downside, the immediate support in sight at 122.62 (NY Low) below which 122.33 (20-DMA) would be tested.
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