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USD/JPY falters ahead of 119.00

FXStreet (Córdoba) - USD/JPY is staging a downward correction ahead of the Wall Street opening after reaching a fresh 7-year high just shy of the 119.00 mark.

USD/JPY peaked at 118.97 and turned lower as the 119.00 barrier was firmly defended, and completely retraced intraday gains to hit a low of 117.95 before finding support. At time of writing, USD/JPY is trading at 118.23, 0.23% above its opening price.

Data-wise, its a busy session ahead, with US data including October CPI, initial jobless claims, existing home sales and manufacturing PMI.

USD/JPY levels to watch

In terms of technical levels, USD/JPY could find supports at 117.95 (intraday level), 117.04/00 (Nov 17 & 18 highs/psychological level) and 116.80 (Nov 19 low). On the other hand, resistances are seen at 118.97 (2014 high Nov 20), 119.00 (psychological level) and 119.75 (Aug 9 2007 high).

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