Wednesday, November 11, 2015

USD/JPY clings to 123.00

FXStreet (Córdoba) - USD/JPY trades little changed on both sides of 123.00, consolidating near a 2 ½-month peak scored earlier this week as the dollar remains supported by expectations of a Fed rate hike.

With the US and Canada on holiday, there is little to provide traction and most pairs entered a phase of consolidation, with the dollar near multi-month highs versus most competitors.

As for USD/JPY, the pair retreated to a low of 122.73 during the Asian session but managed to regain the 123 mark afterward. At time of writing, dollar-yen was trading at 123.02, just a few pips below its opening price.

USD/JPY levels to watch

As for technical levels, next resistances are seen at 123.59 (Nov 9 high), 124.15 (Aug 24 high) and 124.50 (Aug 18 high). On the other hand, supports could be found at 122.73 (Nov 11 low), 121.75 (100-day SMA) and 121.17 (200-day SMA).
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