USD/JPY reverses daily losses but halts ahead of 123.00

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 (Córdoba) - USD/JPY bounced from daily lows and reversed intraday losses as the dollar shrugged off weak data and staged a comeback across the board.

    USD/JPY fell to a 1-week low of 121.62 but quickly turned higher and advanced to a peak of 122.87, although it stalled ahead of the 123 mark. At time of writing, the pair is trading at 122.83, 0.20% above its opening price.

    USD/JPY is on track to post its first daily gain since last Friday when it rallied on the back of a strong US employment report. However, the pair is still headed for a mild weekly loss.

    USD/JPY levels to watch

    In terms of technical levels, next supports could be found at 122.28 (10-day SMA), 121.71 (100-day SMA) and 121.24 (200-day SMA). On the flip side, next resistances are seen at 123.21 (Nov 11 high), 123.59 (Nov 9 high), 124.15 (Aug 24 high) and 124.50 (Aug 18 high).
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