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USD/JPY slips to lows near 120.20

FXStreet (Edinburgh) - The Japanese yen continues to perform better than its American counterpart on Monday, taking USD/JPY to session lows in the 120.20 area.

USD/JPY lower on risk aversion

The risk-off trade remains firm following the opening bell in Europe at the beginning of the week, with spot trading on an offered fashion albeit keeping the range above the 120.00 handle.

Data wise in Japan, both the Leading Economic Index and the Coincident Index have ticked lower during July. In the US docket, inflation figures tracked by the PCE, Pending Home Sales and the Dallas Fed Manufacturing Business Index are all due later.

In light of the recent steady stance by the FOMC and the upcoming US Payrolls on Friday, market participants will remain vigilant on the speeches by Fed’s Dudley, Evans and Williams, looking for further queues on the timing of the Fed’s lift-off.

USD/JPY levels to watch

As of writing the pair is retreating 0.26% at 120.27 and a breach of 120.01 (low Sep.25) would aim for 118.87 (low Sep.8) and then 118.58 (low Sep.4). On the upside, the initial barrier aligns at 120.72 (high Sep.16) ahead of 120.99 (high Sep.17) and finally 121.335 (high Sep.10).

EUR/JPY heavy around 200-DMA

The cross in the EUR/JPY halted a three-day rally and dived deep in the red on the back of broad euro weakness, while a stronger yen amid negative start on the European bourses also weighed on the cross.
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