USD/JPY remains firm above 121.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY broke above the 121 mark and consolidates at daily highs as the greenback retains a strong tone despite a string of disappointing second-tier US data.

    USD/JPY rose more than 60 pips from daily lows, underpinned by higher US yields, and reached a 3-day high of 121.22 At time of writing, the pair is trading at 121.15, up 0.34% on the day.

    After the Fed kept December lift-off on the table, and the BoJ left policy unchanged, attention turns to the nonfarm payrolls later this week as investors look for confirmation the US economy remains on the recovery path.

    USD/JPY levels to watch

    In terms of technical levels, USD/JPY could find next resistances at 121.47/50 (Oct 30 & 26 highs), and then 121.77/78 (61.8% Fibo retracement of 125.27-116.16/100-day SMA). On the flip side, supports could be faced at 120.23 (50-day SMA), and 120.00 (psychological level/Oct 28 low) ahead of 119.60 (Oct 22 low).
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