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USD/JPY: watching for 123 to go on the upside

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - USD/JPY is currently trading at 122.93 with a high of 122.96 and a low of 122.83.

    There was a little weakness in the Nikkei on the Tokyo open with a little bid USD/JPY towards the 123 handle and strong resistance there. The major pair was toying with the upside into the 122.90's ahead of Tokyo while the Yen was supported on the GDP Q3 data yesterday throughout overnight markets.

    Real GDP growth in Japan was revised upwards to an annualized expansion of 1.0% from an initially reported contraction of -0.8% and that lifted Japanese spirits. However, the price was up on the 123 handle with determined bulls testing the 1hr 100 SMA at 123.09 today. The main risk factor in Asia comes in commodity prices and Chinese CPI data.

    USD/JPY levels

    Technically, USD/JPY remains neutral/bullish while above the 122.20 level as noted overnight by Karen Jones, chief analyst at Commerzbank here. She went on to suggest, "The intraday Elliott wave counts are pretty neutral. Resistance is offered by the 123.77 the recent high. Above here will target 125.00/28 (the August high). For the open, pressures mounted below the 200 SMA on the 1hr at 123.03 where the 20 SMA in the same time frame is crossing below at 122.98.
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