OctaFX | OctaFX Forex Broker
Open trading account

USD/JPY stretches to fresh daily highs

FXStreet (Córdoba) - USD/JPY advanced to fresh highs for the day as the greenback pick up pace over the last minutes, although it remains well within its last week range.

USD/JPY broke above the 100-hour SMA and reached a daily peak of 120.77 in recent dealings. At time of writing, the pair was trading at 120.70, recording a 0.30% rise since opening.

Despite intraday volatility, USD/JPY continues to move back and forth between 120-121.50 unable to set longer-term directions.

USD/JPY levels to watch

In terms of technical levels, next resistances for USD/JPY are seen at 121.00/03 (psychological level/200-day SMA), 121.47/0 (Oct 30 & 26 highs), and then 121.77/80 (61.8% Fibo retracement of 125.27-116.16/100-day SMA). On the flip side, supports could be faced at 120.15 (50-day SMA), and 120.00 (psychological level/Oct 28 low) ahead of 119.60 (Oct 22 low).

GBP/USD remains capped by 1.5500

GBP/USD was rejected from daily highs above the 100-day SMA and pulled back to trade around opening levels as the dollar managed to trim some of its last sessions’ losses.
Read more Previous

Speculation on a Fed rate hike in December should provide additional tailwinds to the USD - Commerzbank

The US central bank has clearly signalled that a first interest rate hike in December is not off the table yet. According to Thu Lan Nguyen, analyst at Commerzbank, the market is now focusing on US economic data, especially from the labour market.
Read more Next
Start livechat