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USD/JPY recovers 117.50

FXStreet (Edinburgh) - The US dollar is slowly inching higher today, taking USD/JPY> back to the mid-117.00s against a backdrop of low volatility in the broader markets.

USD/JPY trims losses

After bottoming out in the 117.20 neighbourhood, spot sparked an attempt of recovery, regaining the mid-117.00s so far. With the inactivity in the US markets, volatility remains quite thin in the rest of the markets, prompting slow movements in either direction. Next of relevance in the pair will be tomorrow’s CPI figures in the Japanese economy for the month of October, with the key National CPI Ex-Fresh Food expected at 2.9% on a yearly basis, a tad lower than the 3% previous. “This pair is likely in a consolidation phase albeit with a negative undertone. Expect sideway trading for today, likely between 117.30 and 117.95”, suggested strategists at UOB Group.

USD/JPY levels to consider

As of writing the pair is down 0.15% at 117.54 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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