USD/JPY moves off 5-month low

By FXStreet FXStreet (Córdoba) – After starting the day on the back foot, USD/JPY managed to recovered ground over the last hours, moving off a 5-month low struck on Friday.

USD/JPY opened the day just above last week’s lows at 116.60, and from there it edged higher, although the upside has remained capped by the 117.45 zone so far. Having spent the last hours in a slim range, USD/JPY is currently trading at 117.27, still 0.57% above its opening price.

The dollar trades higher versus most competitors on Monday in a quiet session with US markets closed in observance of Martin Luther King’s Day.

USD/JPY levels to watch

In terms of technical levels, next supports are seen at 116.50 (Jan 15 low), 116.16 (Aug 24 2015 low) and 115.84 (2015 low). On the other hand, resistances could be found at 117.81 (10-day SMA), 118.37 (Jan 13 high) and 118.82 (Jan 8 high).
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Source:: FX Street