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USD/JPY bounces off 117.20

FXStreet (Edinburgh) - The Japanese yen keeps gaining ground vs. its American counterpart on Thursday, dragging USD/JPY to lows near 117.20 prior to rebound.

USD/JPY looks to risk trends, CPI

Today’s inactivity in the US markets will leave spot to the mercy of the risk appetite trends while market participants turn their focus on the key next data releases in the Japanese docket: inflation figures, unemployment rate and Industrial Production, amongst the most salient publications. Emmanuel Ng, FX Strategist at OCBC Bank, suggested the pair “remained depressed amidst softening UST yields on Wednesday and the pair may continue to remain lackluster into the Thanksgiving holiday. Initial retracements in the USD-JPY may be expected to find support towards 117.00/30”.

USD/JPY levels to consider

As of writing the pair is down 0.24% at 117.44 with the next support at 117.22 (Tenkan Sen) ahead of 117.00 (psychological level) and finally 116.81 (low Nov.19). On the flip side, a breakout of 117.74 (high Nov.27) would target 117.98 (high Nov.26) en route to 118.59 (high Nov.25).

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