USD/JPY breaks range and drops to one-month lows near 113.00

Japanese yen among top performer despite risk appetite and higher yields.
US dollar weakens across the board during the American session.
USD/JPY heads for lowest close in a month.

Matías Salord FXStreet

The USD/JPY is falling on Monday for the third day in a row and it reached at 113.07, the lowest level since October 12. It remains near under pressure amid a weaker greenback across the board.

After trading in a range for days, USD/JPY broke to the downside, clearing the way to more losses. The short-term outlook now favors the downside. The next support levels might be seen at 112.95 and 112.10. On the upside, now 113.40 is the immediate resistance. If it rises above 114.40 the US dollar would recover strength, probably resuming the bullish long-term trend.

The move lower in USD/JPY takes place despite a rebound in US yields. The 10-year stands at 1.48% and the 2-year rose to 0.43%. Not even risk appetite is giving support to the pair. The Dow Jones gains 0.36%, at new record levels, while the S&P500 rises by 0.14%.

After a quiet Monday in terms of US economic data, on Tuesday the PPI and on Wednesday the CPI could trigger market moves following last week FOMC meeting. Inflation numbers are likely to influence on expectations about Fed’s monetary policy.

Technical levels

USD/JPY

Overview
Today last price	113.1
Today Daily Change	-0.35
Today Daily Change %	-0.31
Today daily open	113.45

Trends
Daily SMA20	113.85
Daily SMA50	111.78
Daily SMA100	110.96
Daily SMA200	109.66

Levels
Previous Daily High	114.02
Previous Daily Low	113.3
Previous Weekly High	114.44
Previous Weekly Low	113.3
Previous Monthly High	114.7
Previous Monthly Low	110.82
Daily Fibonacci 38.2%	113.58
Daily Fibonacci 61.8%	113.75
Daily Pivot Point S1	113.16
Daily Pivot Point S2	112.87
Daily Pivot Point S3	112.43
Daily Pivot Point R1	113.88
Daily Pivot Point R2	114.31
Daily Pivot Point R3	114.6

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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