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USD/JPY on the rise in early Europe

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The JPY is once again under selling pressure in early Europe, pushing the USD/JPY pair to a session high of 123.33 levels.

    Eyes key fib level

    The pair is eyeing 123.55 (76.4% of 125.856-116.082). The Yen is taking a beating even though the Asian stocks declined, while the European equity futures are also pointing to a weak opening. Moreover, the Yen was one of the major losers in Europe yesterday, despite USD witnessing correction against other majors.

    The Yen may witness a comeback as it did in the NY session yesterday in case the European stock markets suffer losses.

    USD/JPY Technical Levels

    The spot could extend gains to 124.00-124.47 (July 21 high), in case it manages to break convincingly above 123.55 (76.4% of 125.856-116.08). On the other side, a failure to rise above 123.55 would open doors for a re-test of 123.01 (July 27 low) and 122.12 (61.8% of 125.856-116.08).
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