USD/JPY unchanged around 114.60 ahead of US data

Pablo Piovano FXStreet

The greenback is alternating gains with losses vs. its Japanese peer on Friday, with USD/JPY hovering over the 114.65/60 band.

USD/JPY looks for direction below 115.00

The pair is extending its bearish fashion this week, losing ground since Monday although recovering from yesterday’s multi-week troughs in sub-114.00 levels.

The softer tone in the buck and declining US yields have been behind the pair’s sharp downside from Monday’s tops in the mid-117.00s, particularly following the recent press conference by US president-elect Donald Trump.

Later in the NA session, US Retail Sales are seen expanding at a monthly 0.7% in December, while the US Consumer Sentiment tracked by the Reuters/Michigan Index is expected to have improved to 98.5 during the current month.

USD/JPY levels to consider

As of writing the pair is retreating 0.09% at 114.60 facing the next support at 113.73 (low Jan.12) followed by 112.92 (55-day sma) and finally 111.98 (38.2% Fibo of the November-December 2015 up move). On the other hand, a break above 115.53 (high Jan.12) would aim for 116.70 (20-day sma) and then 117.53 (high Jan.9).

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	Shrinking
1H	Bullish	Neutral	Low
4H	Bearish	Neutral	Expanding
1D	Bullish	Neutral	High
1W	Bullish	Neutral	High
Updated Jan 12, 10:30 GMT

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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