USD/JPY resumes the downside to 122.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Japanese currency is now regaining traction vs. its American counterpart, dragging USD/JPY from highs near 122.80 to the current 122.65/60 band.

    USD/JPY attention to US data

    The greenback is closing the week with losses so far, retreating from multi-week tops beyond 124.00 the figure recorded in the wake of October’s Payrolls in the US economy (271K), although a decent support zone seems to have emerged in the mid-122.00s so far.

    Next of note for the pair, US Retail Sales and the Reuters/Michigan index are due ahead of the speech by Cleveland Fed L.Mester.

    USD/JPY levels to consider

    At the moment the pair is up 0.04% at 122.66 facing the next hurdle at 123.60 (high Nov.9) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). On the other hand, a breakdown of 121.74 (100-day sma) would aim for 120.87 (50% Fibo of 125.28-116.46) and then 120.53 (55-day sma).
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