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Losses in equities put the breaks on USD/JPY near 10-DMA

FXStreet (Mumbai) - The USD/JPY is having a tough time rising above the 10-DMA located at 122.79 due to the sharp losses in the European equity markets.

Eyeing hourly 200-MA

The pair is eyeing the hourly 200-MA 122.83, after having been rejected at the same in the NY session. The fall in the European equities is restricting the losses in the safe haven Yen. However, the EUR/USD remains at the centre stage of the FX markets and hence losses in the EUR/USD is ensuring the USD/JPY pair stays positive.

Ahead in the day, the US non-farm payrolls could shift focus from the EUR/USD pair to Fed rate hike bets.

USD/JPY Technical Levels

The immediate resistance is seen at (hourly 200-MA), above which gains could be extended to 123.05 (hourly 100-MA) and 123.08 (hourly 50-MA). On the other side, a break below 122.12 (61.8% of 125.856-116.082) would expose 121.73 (100-DMA).

China expected to double strategic oil reserves next year - Reuters

China, the world’s second largest oil consumer, is on its way to double its strategic petroleum reserves (SPR) next year, offering some respite to the commodity markets, Reuters reports. Markets believe that China would want to take advantage of the rout in the black gold prices and double up its oil reserves.
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