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USD/JPY back to 115.50

FXStreet (Edinburgh) - The recovery of USD/JPY seems to have run out of legs in the area of session highs around 115.80, sparking another leg lower to the mid-115.00s.

USD/JPY focus on Abe, sales-tax hike, US

Still nothing concrete regarding the recent rumours pointing to a delay in the implementation of the second sales-tax hike by Abe’s government, although speculations keep building up and the JPY keeps suffering. There are no scheduled data in Japan for tomorrow, whereas Retail Sales and Consumer Sentiment tracked by the Reuters/Michigan index will be in the limelight in the US economy. Emmanuel Ng, FX Strategist at OCBC Bank, noted “The pair we think remains sensitive to broad dollar dynamics and is expected to remain buoyant on dips”.

USD/JPY levels to watch

The pair is now losing just 0.01% at 115.57 with the next support at 115.41 (low Nov.13) followed by 114.89 (low Nov.12) and then 114.72 (61.8% of 113.86-116.11). On the flip side, a breakout of 115.88 (high Nov.13) would aim for 116.01 (high Nov.12) and finally 116.11 (2014 high Nov.11).

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