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14 Jan 2015
USD/JPY supported around 116.50
FXStreet (Edinburgh) - The US dollar extends its losses vs. its Japanese counterpart on Wednesday, sending USD/JPY to test fresh lows around the mid-116.00s.
USD/JPY focus on US data
The pair continues its slide from January peaks around 120.80, as the greenback is giving away initial gains. However, the positive momentum and the growth prospects in the US economy will continue to be the main source of USD strength in the upcoming periods, limiting the occasional pullbacks. In the Japanese data front, the Cabinet approved a record ¥96.34 trillion budget, giving some support to the yen and thus collaborating in today’s decline of the pair. Ahead in the session, US retail sales during December are due, with consensus expecting a 0.1% monthly drop in the headline sales.
USD/JPY levels to consider
The pair is now down 0.88% at 116.80 and a breach of 116.30 (low Dec.17 2014) would target the psychological level at 116.00 en route to 115.56 (low Nov.16 2014). On the upside, the immediate hurdle aligns at 118.19 (Kijun Sen) ahead of 118.75 (Tenkan Sen) and finally 118.85 (high Jan.13).
USD/JPY focus on US data
The pair continues its slide from January peaks around 120.80, as the greenback is giving away initial gains. However, the positive momentum and the growth prospects in the US economy will continue to be the main source of USD strength in the upcoming periods, limiting the occasional pullbacks. In the Japanese data front, the Cabinet approved a record ¥96.34 trillion budget, giving some support to the yen and thus collaborating in today’s decline of the pair. Ahead in the session, US retail sales during December are due, with consensus expecting a 0.1% monthly drop in the headline sales.
USD/JPY levels to consider
The pair is now down 0.88% at 116.80 and a breach of 116.30 (low Dec.17 2014) would target the psychological level at 116.00 en route to 115.56 (low Nov.16 2014). On the upside, the immediate hurdle aligns at 118.19 (Kijun Sen) ahead of 118.75 (Tenkan Sen) and finally 118.85 (high Jan.13).