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USD/JPY: pressured below 20 DMA, targetting 118.80

FXStreet (Guatemala) - USD/JPY is currently trading at 119.25 with a high of 119.44 and a low of 119.21.

USD/JPY has been pressured in the open of Asian markets that are moderately positive following the choppy, but positive session on Wall Street on Friday. USD/JPY recent dropped out of the long-term consolidation and below the 20 SMA on the 4hr and daily chart threatening a break out to the downside.

However, demand came in at the last minute on the 118 handle with a low of 118.05 and the upside extended in a recovery in USD/JPY when the greenback was rescued on CPI beating expectations pointing to a better PCE and raising speculation that the FOMC may decide to hike rates in December after all.

USD/JPY levels

Technically, the major downside target comes as the 2012-2015 uptrend at 116.87 while the key resistance comes as 119.80 (R1) ahead of 120.89 200 DMA. The price is now below the pivot at 119.32 with immediate target 118.80 for the bears.

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