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USD/JPY weaker, slumps to 121.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback remains on the defensive today, now dragging USD/JPY to fresh daily lows in the 121.50/45 band.

    USD/JPY attention to US data

    The pair remains on the wrong footing at the end of the week, now testing lows in the mid-121.00s following another wave of weakness around the US dollar. Spot remains supported around weekly lows at 121.00 the figure for the time being, although it can’t help posting 5-week troughs at the same time.

    The dollar remains vulnerable however, as US Retail Sales and the Reuters/Michigan index are due later in the NA session.

    USD/JPY levels to consider

    At the moment the pair is retreating 0.32% at 122.60 and a breach of 122.20 (low Nov.16) would expose 121.72 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46). On the other hand, 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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