USD/JPY stronger, re-tests 120.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Japanese yen continues to lose ground vs. the greenback on Wednesday, with the USD/JPY reclaiming once again the psychological handle at 120.00.

    USD/JPY in multi-day peaks

    The pair is advancing for the third consecutive session so far, prolonging its bounce off last week’s troughs in the 118.00 neighbourhood and retaking the 120.00 mark (38.2% Fibo of 125.86-116.46), all against the backdrop of renewed JPY-selling.

    In the meantime, spot remains dominated by risk appetite trends following the absence of significant releases in the US and Japan.

    USD/JPY relevant levels

    At the moment the pair is up 0.15% at 120.03 and a break above 120.81 (55-day sma) ahead of 121.16 (50% Fibo of 125.86-116.46) and then 122.02 (100-day sma). On the other hand, the immediate support lies at 118.68 (23.6% Fibo of 125.86-116.46) followed by 118.04 (low Oct.15) and finally 116.16 (low post PBoC move Aug.24).
    For more information, read our latest forex news.

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