OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/JPY retreats from highs, near 120.10

FXStreet (Edinburgh) - After climbing as high as the 120.35/40 band in early trade, USD/JPY has now surrendered part of those gains and is now back to the 120.10 area.

USD/JPY supported at 120.00

The pair has staged a knee-jerk to the vicinity of the 120.00 handle earlier, although the bearish attempt has proven to be ephemeral so far. Positive results from the US ADP figures for the current month (200K) have failed to sustain another bull run towards session tops, with today’s solid performance of US Treasuries and month-end flows remaining as the almost exclusive drivers of spot.

Next on tap will be the Chicago PMI followed by J.Yellen’s speech. On the Japanese side, the critical Tankan survey is due early on Thursday.

USD/JPY levels to watch

As of writing the pair is advancing 0.29% at 120.08 facing the next hurdle at 120.72 (high Sep.16) ahead of 120.99 (high Sep.17) and finally 121.335 (high Sep.10). On the other hand, a breakdown of 119.24 (low Sep.29) would aim for 118.87 (low Sep.8) and then 118.58 (low Sep.4).

Eurozone: Deflation may not prompt ECB for further easing – BBH

Research Team at BBH, suggest that the ECB officials had warned of the risk of a negative CPI print, so they were likely not surprised by the news of Eurozone falling into deflation and this in turn suggests that this news may not be sufficient to spur the ECB into altering its asset purchase purchases when it meets next month (October 22).
Read more Previous

Gold drops below EUR 1000/Oz levels

Gold prices in the EUR terms are down for the fourth consecutive session, trading below the psychological EUR 1000/Oz mark.
Read more Next
Start livechat