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USD/JPY steadies above 116.00

FXStreet (Córdoba) - USD/JPY has had a volatile day so far, having hit a fresh 7-year peak on the back of disappointing Japanese GDP, before being firmly rejected from above 117.00.

USD/JPY reached a high of 117.04 during the Asian session as data showed Japan slid back into recession, but the pair failed to sustain at highs and fell all the way to below 116.00 before steadying in a range just above this latter. At time of writing, the pair is trading at 116.26, down 0.14% on Monday, with the latest series of US data having virtually no impact on the dollar.

USD/JPY levels to watch

As for technical levels, USD/JPY could find immediate supports at 115.45 (Nov 17 low) and 115.23 (10-day SMA). On the other hand, resistances are seen at 117.04 (2014 high Nov 17), 117.18 (Oct 17 2007 high) and 117.45 (Oct 16 2007 high).

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USD/JPY posted a fresh high of 117.05, only to retrace afterwards – FXStreet

According to Valeria Bednarik, Chief Analyst at FXStreet, the USD/JPY pair posted a fresh year high of 117.05 after weaker than expected Japanese GDP readings early Asian session, and proceeded to retrace strongly down to 115.45.
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