USD/JPY: upside limited on-going risk aversion cases

By FXStreet FXStreet (Guatemala) – USD/JPY is currently trading at 122.63 with a high of 122.94 and a low of 122.25.

USD/JPY has been hit on a series of occasions as we head towards the end of the month in the wake of yet further risk aversion, while each time the major looks to be recovering and heading for a bullish breakout, another geopolitical and Global catastrophe occurs and keeps a lid on the bullish attempts. Despite the number of positive data releases and a hawkish Fed, the Yen continues on its northerly trajectory and head towards key supportive territory vs the greenback.

USD/JPY held up at key support

Technically, Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that momentum signals are neutral and trend indicators hint to moderation. “USD/JPY is flirting with a break of its multi-week range, and we look to the November 16th 122.23 low as a key risk level. A break would open up the potential for a decline to the November 6th open at 121.75.”
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Source:: FX Street