FXStreet (Mumbai) - The risk-off sentiment appears to have eased heading into early Europe, lending support to the recovery in USD/JPY from weekly lows. Although the price struggles to extend beyond 122.50 over the last hours.
USD/JPY bounces-off lows near 122.20
Currently, the USD/JPY pair drops -0.11 to 122.40, attempting a tepid-recovery from fresh weekly lows reached at reached at 122.26 earlier on the day. The Japanese currency trims gains versus its American counterpart, as risk-aversion eases with the Asian markets recovering losses towards the closing hours. Chinese stocks have in fact turned positive while Nikkei closed -0.39%.
Also, the greenback recovered partially against its six major competitors as focus remains on a swarm of US economic data amid a data-dry EUR calendar ahead. The USD index recovers to 99.55 from lows struck at 99.43, losing -0.14% on the day.
Meanwhile, markets now await the European open for further cues on the risk-off/on sentiment, which is likely to impact USD/JPY.
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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