USD/JPY pulls back from daily highs

By FXStreet FXStreet (Córdoba) – USD/JPY has eased from daily highs but overall remains steady within its Monday range as majors go through a consolidation phase following last week’s volatility on the back of the ECB and the US nonfarm payrolls.

USD/JPY recovered from Thursday’s lows but the upside has remained capped by the 123.50 zone, confining the pair to a sideways phase. At time of writing, USD/JPY is trading at 123.20, little changed on the day.

The US dollar however, remains underpinned by prospects of a rate hike by the Fed in contrast with a loose policy from the BoJ.

USD/JPY technical levels

As for technical levels, short-term supports could be faced at 122.46 (Dec 4 low), 122.20 (Nov 16 low), 121.72 (100-day SMA) and 121.53 (200-day SMA). On the other hand, next resistances are seen at 123.74 (Nov 18 high), 124.15 (Aug 20 high) and 124.45 (Aug 19 high).
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Source:: FX Street