USD/JPY trims losses, back to 120.60

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is trading almost unchanged vs. its Japanese counterpart on Monday, with USD/JPY recovering the area of 120.60/65.

    USD/JPY focus on the US ISM

    After a brief test of daily lows in the 120.20 area, the pair has managed to pick up pace and recover the ground lost in early trade, although a stronger catalyst seems to be needed in order to advance further.

    Ahead in the session, ISM manufacturing PMI and Markit’s manufacturing PMI will be in the limelight in the US economy. On the Japanese side, BoJ Governor H.Kuroda will give a speech on Friday amidst a vacuum of significant data releases or events in Japan.

    USD/JPY levels to consider

    At the moment the pair is retreating 0.01% at 120.62 with the next support at 119.84 (38.2% Fibo of 125.28-116.46) followed by 118.67 (2-month uptrend) and finally 116.16 (low post PBoC move Aug.24). On the other hand, a breakout of 121.08 (200-day sma) would open the door to 121.91 (61.8% Fibo of 125.28-116.46) and then 123.20 (76.4% Fibo of 125.28-116.46)
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