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USD/JPY drops to fresh session lows near 122.40

FXStreet (Mumbai) - The USD/JPY pair met fresh selling interest heading into early European trades, as the JPY bulls regained control cheering slightly upbeat Japan’s CPI figures amid thin markets.

USD/JPY heads towards 122.20 support?

Currently, the USD/JPY pair trades -0.11% lower at fresh session lows of 122.43, having failed to extend beyond 5-DMA at 122.64 during mid-Asia. The Japanese yen picked-up pace versus its American counterpart, as the European traders react to the surprisingly upbeat Japanese inflation numbers.

The National Core CPI y/y came in at -0.1%, matching estimates while Tokyo Core CPI y/y reflected a flat reading, ticking slightly higher from a -0.1% decline expected.

Moreover, weakness seen on the Asian indices and also across the commodity space sparked risk-off moods, lifting the demand for the safe-havens such as the JPY. Japan’s Nikkei and Australia’s ASX closed the day in the red, while China’s A50 index plunges over 4% towards closing hours.

Meanwhile, the extension of Thursday’s slow trades are expected today on the back of low volumes as the US markets are off on Thanksgiving holidays.

USD/JPY Technical levels to watch

The prices trade near session lows and finds immediate support at 122.20 (Nov 16 Low) below which 121.72 (200-DMA) would be tested. To the topside, the immediate resistance is located at 122.64/68 (5-DMA/1h 100-SMA). A break above the last, the major could test 122.93 (1h 200-SMA).

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