USD/JPY off-highs, but holds above daily pivot
USD/JPY failed once again near 107 handle and fell sharply to test daily lows, although the bulls were once again rescued by a strong support placed near the daily pivot.
USD/JPY strives for 107.00
The USD/JPY pair keeps its bearish momentum intact, with every attempt to 107 handle rejected amid subdued demand for the US dollar, as dust settles over the US elections aftermath.
However, the losses remain capped amid higher treasury yields as markets continue to price-in a Dec rate hike, despite an unexpected Trump-win at the US presidential elections race. The major is last seen exchanging hands around 106.40, still down -0.40%.
The major may get influenced by US consumer sentiment and Fed speak due later today, amid thin trading as the North American markets remain closed in observance of a National Holiday.
USD/JPY Technical levels to watch
In terms of technicals , the immediate resistance is located at 106.72 (Jul 24 high). A break above the last, the major could test 106.95 (multi-month high) and 107.48 (Jul highs) beyond the last. While to the downside, the immediate support is seen at 106.25 (daily pivot & low) next at 106.00 (round figure) and below that at 105.26 (200-DMA).
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Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
