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USD/JPY finds support around 123.00

FXStreet (Edinburgh) - The Japanese yen is gathering pace vs. its American counterpart on Tuesday, dragging USD/JPY to the 123.10/15 band so far.

USD/JPY propped up by risk-off trade

The risk aversion sentiment keeps driving the mood around the pair today, although sellers have found strong support around the 123.00 handle for the time being, allowing the current rebound.

On the data front, Japanese GDP figures during the third quarter have expanded 1.0% on a yearly basis, surpassing the 0.1% expected; inter-quarter, the economy has grown 0.3%. Back to the US, November’s Business Optimism index dropped to 94.8 vs. 96.6 anticipated and 96.1 previous, while IBD-TIPP Economic Optimism and JOLTS Job Opening are due later.

USD/JPY levels to consider

At the moment the pair is retreating 0.18% at 123.11 and a breach of 122.20 (low Nov.16) would expose 121.74 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46). On the other hand, the next hurdle lines up at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12).

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