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USD/JPY sideways above 118.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY jumped during the Asian session and since then it has been moving in a range, between 118.00 and 118.30. It remained within those limits even after Wall Street opening bell.

    An improvement in risk appetite weakened the yen across the board. The Japanese currency is among the worst performers. Stocks in Asian finished with gains (excluding China), in Europe main indexes trimmed gains but were still headed toward a gain of more than 1%. In the US, the Dow Jones was up by 0.20% and the Nasdaq was climbing 0.25%. Crude oil and gold were also recovering.

    Greenback lost Momentum against European currencies during the last hours and USD/JPY was testing the lower limit of the intraday range at 118.00. Earlier it peaked at 118.37, the highest level since last Friday. On Monday it bottomed at 116.68.

    USD/JPY technical level

    In the short-term, resistance levels might lie at 118.35/40 (daily high), 118.75 (Jan 05 low / Jan 07 high) and 119.15 (Jan 06 high). On the opposite direction, support could be located at 118.00 (European session low, 20-hour MA) and 117.70 (uptrend line from Jan lows).
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