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USD/JPY drifting lower around 117.70

FXStreet (Edinburgh) - The greenback remains on the soft side vs. the Japanese currency on Wednesday, dragging USD/JPY to session lows in the 117.75/70 band.

USD/JPY looks to US data

Yesterday’s positive GDP figures in the US economy for the third quarter and the auspicious prospects for the last three months of the year failed to lift the US dollar, triggering a correction lower instead. The downside momentum in the greenback remains today, pushing spot lower to the 117.60 region. “Our core view of the polarized postures of the Fed and the BOJ remains and we reiterate that any initial retracements in the USD-JPY may be expected to find support towards 117.00/30”, observed Emmanuel Ng, FX Strategist at OCBC Bank.

USD/JPY levels to watch

As of writing the pair is down 0.15% at 117.78 with the next support at 117.58 (low Nov.24) ahead of 117.36 (low Nov.21) and then 117.00 (psychological level). On the flip side, a breakout of 118.40 (hourly high Nov.20) would open the door to 118.98 (2014 high Nov.20) and finally 119.00 (psychological level).

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