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15 Jan 2015
USD/JPY back to lows around 116.40
FXStreet (Edinburgh) - USD/JPY lacks the conviction to leave the area of session lows near 116.40 so far, with recent attempts of recovery struggling in the 117.20/25 band.
USD/JPY on its way to 116.00?
Further weakness in the pair could allow a test of recent lows in the 116.00 neighbourhood (Wednesday), not far from December troughs in the mid-115.00s. Renewed USD-softness plus repatriating flows by Japanese investors – supporting the yen – would continue to play against any attempt to return to higher levels, albeit the underlying trend remains undoubtedly bullish.
USD/JPY important levels
As of writing the pair is losing 0.72% at 116.43 and a break below 116.07 (low Jan.14) would expose 115.56 (low Nov.16 2014) and finally 115.49 (38.2% of 105.19-121.86). The initial resistance, in the meantime, remains at 117.95 (high Jan.14) ahead of 118.19 (Kijun Sen) and then 118.85 (high Jan.13).
USD/JPY on its way to 116.00?
Further weakness in the pair could allow a test of recent lows in the 116.00 neighbourhood (Wednesday), not far from December troughs in the mid-115.00s. Renewed USD-softness plus repatriating flows by Japanese investors – supporting the yen – would continue to play against any attempt to return to higher levels, albeit the underlying trend remains undoubtedly bullish.
USD/JPY important levels
As of writing the pair is losing 0.72% at 116.43 and a break below 116.07 (low Jan.14) would expose 115.56 (low Nov.16 2014) and finally 115.49 (38.2% of 105.19-121.86). The initial resistance, in the meantime, remains at 117.95 (high Jan.14) ahead of 118.19 (Kijun Sen) and then 118.85 (high Jan.13).