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USD/JPY extends to 114.50

FXStreet (Edinburgh) - The US dollar is gathering traction at the moment, allowing USD/JPY to bounce off session lows in the 113.80/114.00 area.

USD/JPY supported at 113.80

After an ephemeral test around 113.80 at the end of the Asian session, spot managed to pick up pace and recover part of the ground lost after the grim US Payrolls last Friday (214K). A positive start in the risk-appetite universe also helped in the downside, although it seems buyers are back in the game. “The immediate outlook is negative and the strong support at 114.10 is expected to come under pressure today. Only a move above 115.05/10 would suggest a retest of 115.50”, noted Market Strategists at UOB Group.

USD/JPY levels to consider

As of writing the pair is losing 0.11% at 114.50 and a breakdown of 113.86 (low Nov.10) would expose 113.42 (low Nov.5) and then 113.15 (low Nov.4). On the upside, the initial hurdle aligns at 114.57 (high Nov.10) ahead of 115.52 (high Nov.6) and 115.61 (2014 high Nov.7).

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