USD/JPY retraces daily gains after disappointing US data

By FXStreet FXStreet (Córdoba) – Following a phase of consolidation, USD/JPY came under pressure and retreated from daily highs following the release of disappointing US Manufacturing PMI and existing home sales data.

US manufacturing PMI dropped to its lowest level in two years of 52.6 in November while existing home sales fell 3.4% in October.

USD/JPY retraced completely early gains and posted a marginal new low of 122.79. At time of writing, the pair is trading at 122.85, virtually unchanged since opening.

USD/JPY levels to watch

In terms of technical levels, next supports are seen at 122.61 (Nov 19 low), 122.20 (Nov 16 low) and 121.74 (100-day SMA). On the other hand, resistances could be found at 123.25 (Nov 23 high), 123.74 (Nov 18 high) and 124.15 (Aug 20 high).
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Source:: FX Street