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USD/JPY stretches to fresh daily highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - USD/JPY advanced to fresh highs for the day as the greenback pick up pace over the last minutes, although it remains well within its last week range.

    USD/JPY broke above the 100-hour SMA and reached a daily peak of 120.77 in recent dealings. At time of writing, the pair was trading at 120.70, recording a 0.30% rise since opening.

    Despite intraday volatility, USD/JPY continues to move back and forth between 120-121.50 unable to set longer-term directions.

    USD/JPY levels to watch

    In terms of technical levels, next resistances for USD/JPY are seen at 121.00/03 (psychological level/200-day SMA), 121.47/0 (Oct 30 & 26 highs), and then 121.77/80 (61.8% Fibo retracement of 125.27-116.16/100-day SMA). On the flip side, supports could be faced at 120.15 (50-day SMA), and 120.00 (psychological level/Oct 28 low) ahead of 119.60 (Oct 22 low).
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