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USD/JPY slips through 123.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY moved somewhat lower during the Asian session, but in the absence of news or events and given the US Veterans Day, the pair spent the rest the day in a tight range around 123.00.

    USD/JPY is on track to post its third daily loss in a row, extending a pullback from a 2 ½-month high of 123.59 scored on Monday buoyed by a strong nonfarm payrolls report. The pair has been slowly retracing Friday’s gains, but the downside has been contained by the 122.70 zone.
    At time of writing. USD/JPY is trading at 122.90, 0.18% below its opening price.

    USD/JPY technical view

    While fundamentals continue to favor the upside, from a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that the short term technical picture is still far from confirming a bearish continuation. However, she sees increasing risk risk of a deeper bearish movement on a break below the static support at 122.50.

    Bednarik locates next support levels at 122.80, 122.50 and 122.20, while she places resistances at 123.45, 123.80 and 124.25.
    For more information, read our latest forex news.

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