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USD/JPY upside capped around 118.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The dollar is extending its buying mood vs. its Japanese peer on Monday, now taking USD/JPY to the 117.70/65 band.

    USD/JPY focus on US data

    Spot extends its recovery from overnight lows in the 116.80 area following a resurgence of the buying interest around the greenback. In addition, the dollar is deriving extra support from the so far positive performance of US Treasuries after Friday’s auspicious US Non-farm Payrolls.

    Data wise in the US economy, the Fed’s Labor Market Conditions Index is due next (0.5 prev.) followed by the speech by Atlanta Fed D.Lockhart.

    USD/JPY levels to consider

    As of writing the pair is up 0.16% at 117.69 and a breakout of 120.77 (high Dec.30) would open the door to 120.88 (100-day sma) and finally 121.57 (200-day sma). On the other hand, the initial support lines up at 116.80 (low Jan.11) followed by 116.46 (low Aug.24) and then 115.82 (low Jan.16 2015).
    For more information, read our latest forex news.
     

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