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USD/JPY approaches 123.00 and retreats

FXStreet (Córdoba) - USD/JPY continued to rise despite the latest round of US economic data that showed lower-than-expected numbers. The pair climbed to 122.92, approaching 123.00 but then pulled back. Currently it trades at 122.80/85, up 30 pips from yesterday’s closing price.

The US dollar remains strong in the market near daily highs but with not enough momentum to extend the rally so far.

USD/JPY recovering

Today the pair is rising after four day of corrective moves. It reached a 3-month high last week at 123.75 and then it started to move to the downside and bottomed today at 122.23 where the 20-day MA currently stands.

The decline found support above last week lows and from there is bouncing. Today it broke a short term downtrend line, signaling a possible end of the corrective decline.

To the upside, the immediate resistance is the 123.00 area followed by November highs that lie at 123.65/75. On the opposite direction, support might now lie at 122.55/60 (20-hour MA), followed by the key 122.25/30 (Nov 25 low).

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