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USD/JPY rejected at 122.00, falls back to 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The upside momentum in the USD/JPY pair stalled at 122.00, making way for a fall back to 100-DMA at 121.76 levels.

    USD pares gains on uptick in jobless claims

    The USD pared gains after the last week’s jobless claims in the US printed at 276K compared to the expected print of 262K. The 2-yr treasury yield, which mimics rate hike bets, fell more than one basis points.

    Still, the pair is sitting comfortably in a positive territory as the Fed rate hike bets got a boost following strong US data and Yellen’s hawkish comments. The focus now shifts to the Us non-farm payrolls report due tomorrow.

    USD/JPY Technical Levels

    The immediate resistance is located at 122.00, above which the pair could run into 122.12 (61.8% of 125.85-116.08). A break above the same would open doors for 123.01 (July 27 low). On the other side, support is seen at 121.50 (Oct 26 high) and 121.00 levels.
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