USD/JPY trims losses above 121.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback continues to recover ground lost to the safe haven JPY on Thursday, now lifting USD/JPY back above the 121.00 handle.

    USD/JPY firmer despite US docket, BoJ eyed

    The pair has managed to revert the initial drop to daily lows in the 120.60 area in early trade, backed by the solid performance of US Treasuries in spite of US releases coming in on a softer tone today.

    In the meantime, market expectations of a Fed’s lift-off in December continues to give support to the greenback, while tomorrow’s BoJ meeting will be the next significant event for the pair apart from the inflation figures in the Japanese economy.

    USD/JPY levels to consider

    At the moment the pair is retreating 0.06% at 121.02 with the next support at 119.84 (38.2% Fibo of 125.28-116.46) followed by 118.55 (2-month uptrend) and finally 116.16 (low post PBoC move Aug.24). On the other hand, a breakout of 121.04 (200-day sma) would open the door to 121.50 (high Oct.23) and finally 121.91 (61.8% Fibo of 125.28-116.46).
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