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USD/JPY stuck at fib resistance, treasury yields rise

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The USD/JPY pair is unable to take out the resistance at 123.55, which is the 23.6% fib retracement of the fall from June high to August low.

    Eyes US data, Yellen speech

    The pair awaits the US weekly jobless claims and US ISM non-manufacturing number. Markets would be particularly interested to see if the employment sub index under the ISM did well. The employment under manufacturing sector ticked higher; the ISM figure on Monday and the ADP report on Wednesday showed.

    Fed Chair Janet Yellen is expected to testify before Congress later today and reiterate why the Fed believes it could raise interest rates for the first time in nine years. As of now, the minor uptick in the treasury yields ahead of the key data/event is keeping the USD bid. However, the pair still struggles to take out the fib resistance at 123.55.

    USD/JPY Technical Levels

    At 123.45, the immediate support is seen at 123.25 (Nov 30 high and hourly chart support), under which the pair could test the hourly 50-MA at 123.17. A break lower would bring fib support at 122.41 (23.6% of Oct low-Nov high) into play. On the higher side, resistance is seen at 123.55 (76.4% of June high-Aug low) and 123.75 (Nov high).
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