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USD/JPY flirting with 121.00

FXStreet (Edinburgh) - After a brief adventure to the 120.80 area, USD/JPY is back again around the 121.00 handle on Monday.

USD/JPY propped up easing rumours

The weakness around JPY has been intensified as of late in response to increasing market chatter over the likeliness of the BoJ to incur in further easing at its meeting on Friday.

Rumours have gathered traction after the ECB has left the door open for additional easing measures that could probably be announced as soon as at its December meeting and the subsequent rate cuts by the PBoC (Friday).

USD/JPY levels to consider

At the moment the pair is retreating 0.33% at 121.07 with the next support at 118.55 (23.6% Fibo of 125.28-116.46) followed by 118.44 (2-month uptrend) and then 116.16 (low post PBoC move Aug.24). On the other hand, a breakout of 121.50 (high Oct.23) would open the door to 121.89 (100-day sma) and finally 123.20 (76.4% Fibo of 125.28-116.46).

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