USD/JPY slips through 123.00

By FXStreet FXStreet (Córdoba) – USD/JPY moved somewhat lower during the Asian session, but in the absence of news or events and given the US Veterans Day, the pair spent the rest the day in a tight range around 123.00.

USD/JPY is on track to post its third daily loss in a row, extending a pullback from a 2 ½-month high of 123.59 scored on Monday buoyed by a strong nonfarm payrolls report. The pair has been slowly retracing Friday’s gains, but the downside has been contained by the 122.70 zone.
At time of writing. USD/JPY is trading at 122.90, 0.18% below its opening price.

USD/JPY technical view

While fundamentals continue to favor the upside, from a technical perspective, Valeria Bednarik, chief analyst at FXStreet notes that the short term technical picture is still far from confirming a bearish continuation. However, she sees increasing risk risk of a deeper bearish movement on a break below the static support at 122.50.

Bednarik locates next support levels at 122.80, 122.50 and 122.20, while she places resistances at 123.45, 123.80 and 124.25.
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Source:: FX Street