USD/JPY remains near 121.00 on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The greenback keeps the vicinity of the 121.00 handle vs. its Japanese counterpart on Thursday, with USD/JPY navigating the 120.80/band so far.

    USD/JPY unchanged post-US GDP

    The pair has practically ignored today’s US docket, where the advanced GDP figures have shown an annual expansion of 1.5% vs. 1.6% initially forecasted and Initial Claims have come in almost unchanged at 260K in the week ended on October 23 (from 259K previous).

    Next on tap will be the speech by Fed’s Lockhart along with Pending Home Sales. On the Japanese side, key inflation and employment figures early in the Asian session will precede the critical BoJ monetary policy meeting.

    USD/JPY levels to consider

    At the moment the pair is retreating 0.13% at 120.93 with the next support at 119.84 (38.2% Fibo of 125.28-116.46) followed by 118.55 (2-month uptrend) and finally 116.16 (low post PBoC move Aug.24). On the other hand, a breakout of 121.04 (200-day sma) would open the door to 121.50 (high Oct.23) and finally 121.91 (61.8% Fibo of 125.28-116.46).
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