USD/JPY back above 123.00

By FXStreet FXStreet (Edinburgh) – The greenback remains on the right footing vs. its Japanese currency on Monday, pushing USD/JPY back beyond the 123.00 handle.

USD/JPY focus on US docket

The pair is posting fresh multi-day highs above the 123.00 handle at the beginning of the week, as the greenback remains well supported by month-end flows and speculations of a Fed’s rate hike in December.

The demand for the safe haven JPY remains steady despite BoJ officials have ruled out further easing in the near term, collaborating with the pair’s upside.

In the data space, Chicago PMI, Pending Home Sales and the Dallas Fed Manufacturing Business Index are all due later in the US economy.

USD/JPY levels to consider

At the moment the pair is up 0.17% at 123.06 with the next resistance at 123.69 (high Nov.18) followed by 124.58 (high Jul.30) and finally 125.29 (high Aug.12). On the other hand, a breakdown of 122.20 (low Nov.16) would expose 121.78 (100-day sma) and then 120.87 (50% Fibo of 125.28-116.46).
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Source:: FX Street