1. Hello Guest Click here to check FX Binary Point Financial Directory

USD/JPY: Recovery stalls near 122.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The risk-off sentiment appears to have eased heading into early Europe, lending support to the recovery in USD/JPY from weekly lows. Although the price struggles to extend beyond 122.50 over the last hours.

    USD/JPY bounces-off lows near 122.20

    Currently, the USD/JPY pair drops -0.11 to 122.40, attempting a tepid-recovery from fresh weekly lows reached at reached at 122.26 earlier on the day. The Japanese currency trims gains versus its American counterpart, as risk-aversion eases with the Asian markets recovering losses towards the closing hours. Chinese stocks have in fact turned positive while Nikkei closed -0.39%.

    Also, the greenback recovered partially against its six major competitors as focus remains on a swarm of US economic data amid a data-dry EUR calendar ahead. The USD index recovers to 99.55 from lows struck at 99.43, losing -0.14% on the day.

    Meanwhile, markets now await the European open for further cues on the risk-off/on sentiment, which is likely to impact USD/JPY.

    USD/JPY Technical levels to watch

    The prices trade near session lows and finds immediate support at 122.20 (Nov 16 Low) below which 121.70 (200-DMA) would be tested. To the topside, the immediate resistance is located at 122.59 (daily pivot). A break above the last, the major could test 122.70 (5 & 20-DMA).
    For more information, read our latest forex news.

Share This Page