USD/JPY: Offered at 121.32, flirts with 200-DMA

By FXStreet FXStreet (Mumbai) – The USD/JPY was offered at a high of 121.32 after which the pair fell back to trade around its 200-DMA located at 120.81 levels.

Awaits fresh cues

The Euroland economic calendar offers now major data released today. The Japanese Yen is likely to see the BOE event pass by. Meanwhile, the US weekly jobless claims due later today could affect the pair, but would not be enough to trigger big moves. At the moment, even the moderate weakness in the European stocks is being ignored by the USD/JPY pair.

Moreover, the big players in the market could prefer remaining on the sidelines as we move closer to the FOMC rate decision, since the market stands divided on the prospects of a rate hike. The 2-yr yield, which mimics rate hike expectations, is trading flat as well.

USD/JPY Technical Levels

The immediate resistance is located at the daily high of 121.32, above which the spot could target 122.32 (100-DMA). On the other side, support is located at 120.81 (200-DMA) and 120.00 levels.
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Source:: FX Street