USD/JPY slips to lows near 118.30, ADP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The ongoing risk aversion continues to lend support to the Japanese currency on Wednesday, dragging USD/JPY to fresh lows near 118.30.

    USD/JPY attention to US ADP

    The solid tone around the safe have JPY keeps weighing on the pair, which is already trading in the low-118.00s, near 3-month lows and on track to test October’s lows at 118.06 level.

    Next of relevance for the pair will be the ADP report, Factory Orders and the FOMC minutes in the US economy.

    USD/JPY levels to consider

    As of writing the pair is retreating 0.59% at 118.32 facing the next support at 118.06 (low Oct.15) followed by 116.46 (low Aug.24) and then 115.82 (low Jan.16 2015). On the flip side, a breakout of 120.77 (high Dec.30) would open the door to 121.04 (100-day sma) and finally 121.61 (200-day sma).
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