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USD/JPY around 120.30, US data eyed

FXStreet (Edinburgh) - The Japanese yen is posting moderate gains vs. its American counterpart on Tuesday, taking USD/JPY to the 120.35/30 band.

USD/JPY attention to US docket, BoJ

Despite the intraday decline, spot is managing to keep the trade above the psychological handle at 120.00, fading part of yesterday’s important advance.

Ahead in the session, US trade balance figures and the speech by FOMC’s Williams are due, followed by the key BoJ monetary policy meeting due early on Wednesday. Market consensus expects the US trade deficit to have widened to $47.40 billion during August while the Bank of Japan is seen keeping its monetary stance unchanged.

USD/JPY levels to watch

As of writing the pair is losing 0.09% at 120.34 and a breakdown of 119.86 (low Oct.5) would open the door to 119.24 (low Sep.29) and finally 118.87 (low Sep.8). On the other hand, the next hurdle lines up at 120.72 (high Sep.16) ahead of 120.99 (high Sep.17) and then 121.23 (high Sep.25)

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