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USD/JPY: Recovery stalled at 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The recovery in the USD/JPY pair after Friday’s more than 200-pip fall stalled at the 100-DMA at 121.51 in Asia.

    Nikkei drops, caps losses in JPY

    The Japanese benchmark equity index Nikkei is trading with moderate losses and thereby capping losses in the JPY. Meanwhile, the minor uptick in the long duration treasury yields is keeping the USD bid. The JPY was on the of the top gainers on Friday amid sharp losses in the US stock markets.

    With no major data due today, the pair is at the mercy of the overall market sentiment. Volumes are likely to be thin and this erratic move could be seen.

    USD/JPY Technical Levels

    At 121.33, the immediate resistance is seen at 121.51 (100-DMA), above which the pair could rise to 121.78 (50-DMA), which, if taken out shall open doors for 122.12 (61.8% of 125.856-116.082). On the other hand, support is seen at 120.97 (50% of 125.856-116.082), under which the pair could drop to 120.34 (Dec 14 low).
    For more information, read our latest forex news.

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