USD/JPY turns positive near 122.60

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback is now recovering part of the initial drop to the 122.30 area vs. its Japanese counterpart, with USD/JPY retaking the 122.60/65 band.

    USD/JPY capped by 123.30

    The pair is now extending its consolidative pattern around current levels after being rejected from the mid-123.00s at the beginning of the week. A fresh wave of buying interest around the dollar is now helping spot to recover further ground, returning to the positive territory and trading at shouting distance from session tops near 122.70.

    On the data front, mixed inflation figures and auspicious prints from the Japanese labour market failed to lend further support to the JPY, all amidst reduced activity in the US markets.

    USD/JPY levels to consider

    At the moment the pair is up 0.03% at 122.60 and a breakdown of 122.20 (low Nov.16) would aim for 121.79 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46). On the flip side, the next hurdle lines up at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12).
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