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USD/JPY attempts a bounce to 122 – multi-week highs

FXStreet (Mumbai) - The USD/JPY pair found renewed bids near 121.70 region and accelerated to the upside, in another run to reach fresh two and a half months highs.

USD/JPY jumps off daily pivot

Currently, the USD/JPY pair trades 0.09% higher at fresh session highs of 121.87, halting the corrective slide just ahead of 100-DMA. The US dollar jumped back on the bids versus its Japanese counterpart in late-Asia, now pushing USD/JPY towards 122 handle.

The yen lost footing after the BOJ Governor Kuroda’s comment, citing that yen’s weakness is ‘helping to increase dividends and profits repatriated from overseas’. Besides, Mr. Kuroda reiterated the BOJ 2% price target will be easily met with the current easing policy.

Moreover, traders favour the US currency ahead of the highly-decisive the US non-farm payrolls data, which is likely to hint at a Dec Fed rate lift-off and hence, set a clear tone on the major.

USD/JPY Technical levels to watch

The prices hover near hourly 20-SMA and find the immediate resistance at 122 handle and from there to 122.36 (daily R2). A breach of the last, the prices would head towards 122.50 (psychological levels). To the downside, the immediate support in sight at 121.43/35 (200-DMA/ Nov 5 Low), below which 121.06/121 (10-DMA/ round number) would be tested. A break below the last, 120.60/57 (20-DMA/ Nov 3 low) comes into the picture.

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