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USD/JPY breaks through 1h 100-SMA, near 120.70

FXStreet (Mumbai) - The US dollar posed a solid recovery versus its Japanese rival in the European morning, sending USD/JPY into the positive territory beyond the hourly 100-SMA.

USD/JPY rises above daily pivot at 120.51

Currently, the USD/JPY pair trades modestly flat at 120.65, unable to break below Friday’ low reached at 120.26 levels. The major extends its recovery mode and flips to gains as the yen loses ground versus the US dollar amid improving risk-sentiment while most major European indices trade in the green.

The German benchmark, the DAX gains 0.44% and the pan-European benchmark, the Euro Stoxx 50 advances 0.10%. While the UK’s FTSE is seen paring losses post impressive UK PMI report.

Looking ahead, the major will continue to track the sentiment on the European stocks ahead of the US manufacturing PMI, including the crucial ISM report, due for release later in the day.

USD/JPY Technical levels to watch

The prices overcame the stiff resistance near 120.60 region (1h 200-SMA), above which the pair could test 121 handle. Above the last, the next barrier in sight is placed at 121.42 (200-DMA) While the immediate support in sight located at 120.26/18 (Oct 30 Low & 50-DMA), below which 120 (round number) would be tested.

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