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USD/JPY stabilized around 123.20

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 17, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback has surrendered some its initial gains vs. its Japanese counterpart on Tuesday, taking USD/JPY to the 123.25/20 band, or session lows.

    USD/JPY focus on US CPI

    Spot continues to recover from last week’s decline, managing to rebound from recent lows in the 122.30/20 band and trading at shouting distance from 3-month tops around 123.50.

    Ahead in the session, USD will be in the limelight as US inflation figures measured by the CPI are due. Consensus expects consumer prices to have gained 0.1% on a year to October, while Core prices are expected at 1.9% YoY.

    USD/JPY levels to consider

    At the moment the pair is up 0.05% at 123.26 facing the next hurdle at 123.60 (high Nov.9) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). On the other hand, a breakdown of 121.74 (100-day sma) would aim for 120.87 (50% Fibo of 125.28-116.46) and then 120.68 (55-day sma).
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