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USD/JPY steady after US consumer confidence data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY remained little changed near daily lows after the latest series of US data showed Markit services PMI and consumer confidence came in below expectations.

    Markit services PMI edged down to 54.4 in October versus 55.1 expected while consumer confidence fell to 97.6 against 102.9 of consensus. Earlier, durable goods orders also disappointed (-1.2% vs -1.1% exp).

    USD/JPY edged a tad lower but overall remained little changed. At time of writing, the pair is trading at 120.35, down 0.59% on the day, having scored a low of 120.15 in recent dealings.

    USD/JPY short-term levels

    As for technical levels, immediate support levels are seen at 120.00 (psychological level/20-day SMA), 119.60 (38.2% Fibo retracement of 125.27/116.16 and Oct 22 low) and 119.13 (Oct 19 low). On the flip side, resistances could be faced at 120.97/121.00 (200-day SMA/psychological level) and 121.50 (Oct 26 high) ahead of 121.90 (100-day SMA).
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