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USD/JPY retreats to 119.20, tests session lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Japanese yen keeps advancing vs. the dollar on Tuesday, with USD/JPY now returning to the red territory around the 119.25/20 area.

    USD/JPY muted on Kuroda

    The pair has paid little attention to the speech by BoJ’s H.Kuroda, who stressed that wages need to pick up pace in order to lift domestic inflation figures. In the meantime, spot manages well to keep the trade above the 119.00 mark so far, after yesterday’s violent sell-off to the vicinity of 118.50.

    Data wise in Japan, the monetary base has expanded at an annual pace of 29.5% vs. 33.2% initially forecasted, while US data will be mostly irrelevant today.

    USD/JPY levels to consider

    As of writing the pair is retreating 0.14% at 119.25 facing the next support at 118.55 (23.6% Fibo of 125.28-116.46) followed by 118.04 (low Oct.15) and then 116.46 (low Aug.24). On the flip side, a breakout of 120.87 (50% Fibo of 125.28-116.46) would open the door to 121.07 (100-day sma) and finally 121.62 (200-day sma).
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