28 Nov 2014
USD/JPY consolidates above 118.00
FXStreet (Córdoba) - USD/JPY rose during the Asian session and climbed back above the 118.00 level, underpinned by broad dollar strength and soft Japan’s CPI figures.
On one hand, US dollar benefited by OPEC decision to leave quotas unchanged. On the other hand, Japan’s core CPI slowed for a third month in a row, providing more bad news for the BoJ.
USD/JPY resumed the upside after three days of losses and reached a high of 118.33 before losing momentum. At time of writing, USD/JPY is trading at 118.15, up 0.40% on the day, having spent the last hours in a tight range.
USD/JPY levels to watch
As for technical levels, next resistances are seen at 118.33 (daily high) 118.56 (Nov 25 high) and 118.97 (2014 high Nov 20). On the flip side, supports could be found at 118.00 (psychological level), 117.70 (10-day SMA) and 117.22 (Nov 27 low).
On one hand, US dollar benefited by OPEC decision to leave quotas unchanged. On the other hand, Japan’s core CPI slowed for a third month in a row, providing more bad news for the BoJ.
USD/JPY resumed the upside after three days of losses and reached a high of 118.33 before losing momentum. At time of writing, USD/JPY is trading at 118.15, up 0.40% on the day, having spent the last hours in a tight range.
USD/JPY levels to watch
As for technical levels, next resistances are seen at 118.33 (daily high) 118.56 (Nov 25 high) and 118.97 (2014 high Nov 20). On the flip side, supports could be found at 118.00 (psychological level), 117.70 (10-day SMA) and 117.22 (Nov 27 low).