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USD/JPY capped by 118.00

FXStreet (Edinburgh) - The greenback is now retreating from session highs vs. the Japanese yen, with USD/JPY down to the 117.90/85 band from 118.00.

USD/JPY attention to US docket

Today’s US releases will be the main driver for the pair, as Japanese markets are close due to the Labor Thanksgiving Day holiday. Spot remains in the upper end of the recent range however, trading close to multi-year peaks around the 119.00 limestone posted last week. Next of relevance for the JPY will be tomorrow’s BoJ minutes followed by a speech by Governor Kuroda. In the opinion of Axel Rudolph, Senior Technical Analyst at Commerzbank, “The negative divergence on the daily RSI points towards at least a minor correction lower being seen”.

USD/JPY levels to consider

The pair is now gaining 0.18% at 117.94 and a surpass of 118.00 (high Nov.24) would open the door to 118.37 (high Nov.21) and then 118.97 (2014 high Nov.20). On the downside, the immediate support aligns at 117.58 (low Nov.24) followed by 117.36 (low Nov.21) and finally 117.00 (psychological level).

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