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USD/JPY remain in sub -118.00 levels

FXStreet (Edinburgh) - The Japanese yen is finally gaining some momentum vs. the US dollar, dragging USD/JPY back below the 118.00 handle on Friday.

USD/JPY attention to Abe

There were no releases or events in the Japanese economy today, with only finance minister Aso arguing that the yen depreciation in the last week was somewhat too fast. In the same line, Economics Minister Akira commented that the exchange rate will eventually accommodate to the Japanese economy, although none of these appreciations seemed to have influenced the pair. In the domestic political arena, PM Abe dissolved the cabinet and he will hold a press conference at 6pm Tokyo time (GMT+9).

USD/JPY levels to watch

At the moment the pair is down 0.14% at 117.83 with the immediate support at 117.36 (low Nov.21) ahead of 117.00 (psychological level) and then 116.81 (Tenkan Sen). On the flip side, a breakout of 118.37 (high Nov.21) would aim for 118.98 (2014 high Nov.20) and finally 119.00 (psychological level).

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