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USD/JPY recovery halted near 119.60

FXStreet (Edinburgh) - After bottoming out near 119.10 overnight, USD/JPY has managed to pick up pace and regain part of the ground lost towards the 119.60 area.

USD/JPY boosted by USD bids

The pair remains locked within the 118.00-121.00 range that has been prevailing since early September, while a more solid catalyst required for a break in either way remains to be seen.

On the Japanese front, today’s Sakura Report informed that all nine of the regional economies are gradually recovering. In the US docket, the NAHB index is due ahead of the speech by Fed’s Lacker.

USD/JPY relevant levels

At the moment the pair is losing 0.05% at 119.38 with the next support at 118.68 (23.6% Fibo of 125.86-116.46) followed by 116.16 (low post PBoC move Aug.24) and finally 115.82 (ytd low Jan.15). On the other hand, a breakout of 120.05 (38.2% Fibo of 125.86-116.46) would open the door to 120.91 (200-day sma) and then 121.00 (psychological level).

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