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USD/JPY offers testing support at mid 122 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - USD/JPY is currently trading at 122.54 with low of 122.52 and a high of 122.69.

    USD/JPY is starting to test the downside again in the open of Tokyo moving towards the mid-point of the 122 handle in recent trade in early Asia, albeit supported here vs the headwinds of the downtrend in the penultimate session in the US overnight while in Tokyo equity markets are lower following a soft close on Wall Street.

    The dollar has been lagging as markets start to factor in mixed sentiment around a Fed hike in inflation concerns, despite the very strong Nonfarm Payrolls that recently secured a bias for a Fed lift off in December. There will be further data tomorrow from the US, all counting towards the FOMC's out come of that last meeting for 2015, with retails sales taking the most attention, expected 0.4% for October vs -0.3% for September.

    USD/JPY levels

    Technically, Karen Jones, chief analyst at Commerzbank noted how USD/JPY is seeing some minor near term weakness (this is expected to remain shallow). "Dips lower are indicated to terminate circa 122.75/121.90. The accelerated uptrend lies at 121.71 ahead of the 3 month support line at 119.07. Key support remains 117.86 the 2012-2015 uptrend, while above here we are bullish."
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