â€œThe hourly chart shows indicators aiming higher from oversold levels, although price remains still near daily low,â€ comments Valeria Bednarik, Chief Analyst at FXstreet.com. â€œIn bigger time frames, the bearish momentum has gained track: next support comes at 100 DMA, currently around 78.80, also strong static support level.â€
Further bear targets are noted at 78.57 (Oct 11 high) and 78.30 (Jan 25 high). If bulls regain the upside, resistance lies at 79.65 (Aug 20 high) and 79.80 (38.2% Fibo). At current levels, USD/JPY is set to end the week with a 1.2% loss, its first decline in three weeks as is pulls off of a 50% Fibonacci retracement level hit last week around 80.65.
On offer today in Asia on the data front are Japanâ€™s October stock figures, the RBAâ€™s MP statement, and a slew of Chinese economic data, including key inflation data for October, retail sales, and fixed asset investments.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.