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31 Aug 2015
USD/JPY consolidates above 121.00
FXStreet (Edinburgh) - The greenback has managed to climb from overnight lows around 120.80 vs. the Japanese currency and regain the low-121.00s during the European afternoon.
USD/JPY recovery stalled ahead of 122.00
After bottoming out in multi-month lows near 116.00 last week, the pair sparked a strong correction higher along with a better sentiment around the dollar and USD-supportive Fedspeak, leaving the door (still) open for a probable rate hike by the Fed in September.
In the data space, the Chicago PMI and the Manufacturing Business index tracked by the Dallas Fed are both due in the US economy, with consensus expecting 54.7 and -2.5, respectively.
USD/JPY levels to consider
The pair is now retreating 0.33% at 121.29 with the next support at 120.88 (low Aug.31) ahead of 120.65 (low Aug.28) and then 119.79 (low Aug.27). On the flip side, a break above 121.70 (high Aug.31) followed by 122.05 (high Aug.23) and finally 123.11 (Aug.21).
USD/JPY recovery stalled ahead of 122.00
After bottoming out in multi-month lows near 116.00 last week, the pair sparked a strong correction higher along with a better sentiment around the dollar and USD-supportive Fedspeak, leaving the door (still) open for a probable rate hike by the Fed in September.
In the data space, the Chicago PMI and the Manufacturing Business index tracked by the Dallas Fed are both due in the US economy, with consensus expecting 54.7 and -2.5, respectively.
USD/JPY levels to consider
The pair is now retreating 0.33% at 121.29 with the next support at 120.88 (low Aug.31) ahead of 120.65 (low Aug.28) and then 119.79 (low Aug.27). On the flip side, a break above 121.70 (high Aug.31) followed by 122.05 (high Aug.23) and finally 123.11 (Aug.21).