USD/JPY struggling around 117.00

By FXStreet FXStreet (Edinburgh) – The greenback is posting meagre gains vs. the Japanese currency on Thursday, with USD/JPY flirting with the 117.00 handle ahead of the NA session.

USD/JPY down from 117.50

The pair has reverted the initial upside bias, reaching session highs around 117.50 during the Asian session. The up move lacked of momentum however, prompting spot to return to current levels following a pick up in the risk-off trade.

The soft tone in US Treasuries has removed important tailwinds for the dollar on Wednesday, albeit they’re showing some mixed signs so far ahead of the NA session. In the data space, the usual report on the labour market is due, with consensus seeing Initial Claims at 278K.

USD/JPY levels to watch

The pair is now advancing 09.08% at 116.95 facing the next hurdle at 117.76 (23.6% Fibo of 123.60-115.96) followed by 118.59 (20-day sma) and then120.67 (high Dec.29). On the other hand, a breach of 115.96 (low Jan.19) would aim for
115.82 (low Jan.15 2015) and finally 115.56 (low Dec.15 2014).
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Source:: FX Street