OctaFX | OctaFX Forex Broker
Open trading account

USD/JPY in highs, through 123.00

FXStreet (Edinburgh) - The Japanese yen continues to depreciate vs. its American counterpart on Monday, now lifting USD/JPY to daily tops beyond 123.00 the figure.

USD/JPY in 3-day tops

Speculations of further easing by the BoJ have grown bigger amongst investors in the wake of another disappointing GDP figure in the Japanese economy, contracting more than expected 0.8% QoQ during the third quarter. In addition, the safe haven JPY has reverted the initial Paris-induced strength as markets continue to digest the events in France over the weekend.

Ahead in the session, the regional manufacturing gauge measured by the Empire State index is due in the US economy ahead of tomorrow’s more significant CPI releases.

USD/JPY levels to consider

At the moment the pair is up 0.30% at 123.03 facing the next hurdle at 123.60 (high Nov.9) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). On the other hand, a breakdown of 121.74 (100-day sma) would aim for 120.87 (50% Fibo of 125.28-116.46) and then 120.62 (55-day sma).

‘Excessive oil supply could be eliminated in H2 2016’ – Russian Energy Minister

Speaking on the side-lines of the G20 summit in Turkey, Russia’s Energy Minister Alexander Novak stated that he sees gap between supply and demand is narrowing on global oil market.
Read more Previous

Japan’s GDP contracts as the country falls into technical recession - BBH

Research Team at BBH, notes that the Japan’s first estimate of Q3 GDP came in at -0.8% q/q compared with -0.2% expected and a revised -0.7% in Q2.
Read more Next
Start livechat