FXStreet (Mumbai) - USD/JPY continues to move back and forth within today’s trading range, having found strong support near Nov 16 lows, as persisting risk-conditions dictate the moves in the major.
USD/JPY jumps off 122.26 once again
Currently, the USD/JPY pair trades flat at 122.50, retesting daily highs posted at 122.54. The major recovered losses and now extends recovery from weekly lows, as the USD bulls halted its correction and jumped back into the bids across the board. The USD index bounced-off 99.43 lows and climbed to 99.72, trading modestly flat.
Moreover, a major shift in risk conditions after the European stocks opened on a firmer note and subsequently extended higher, also diminished the bids for the safe-haven JPY. While analysts believe the recent issues between Turkey and Russia are unlikely to escalate into a "hot" conflict and hence, risk-appetite returns in markets.
In the day ahead, the major is likely to take fresh cues from a batch of US economic releases for fresh direction on the USD.
USD/JPY Technical levels to watch
The prices trade near session lows and finds immediate support at 122.20 (Nov 16 Low) below which 121.70 (200-DMA) would be tested. To the topside, the immediate resistance is located at 122.59 (daily pivot). A break above the last, the major could test 122.70 (5 & 20-DMA).
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