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USD/JPY struggles around 119.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The dollar advanced against most rivals on Tuesday, with the main exception made by the yen, which continues to benefit from the risk-off environment.

    Following a bounce attempt that was capped by the 119.70 zone, USD/JPY came back under pressure and dropped through the 119.00 level to a low of 118.78 at the beginning of the American session. At the time of writing, USD/JPY is trading at 119.03, 0.33% below its opening price.

    There is no first-tier data scheduled for the rest of the session so traders could continue to take cues from equity markets and risk sentiment.

    USD/JPY levels to watch

    In terms of technical levels, USD/JPY could find next supports at 118.69 (Jan 4 low), 118.05 (Oct 15 low) and 117.16 (Feb 6 2015 low). On the other hand, resistances are seen at 119.69 (Jan 5 high), 120.34 (10-day SMA) and 121.10 (20- and 100-day SMA).
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