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USD/JPY Climbs to 1-Month Tops, Nearing Mid-113.00s


Tuesday, 6 November 2018 14:13 WIB

USDUSD/JPY,JPY,


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The USD/JPY pair regained positive traction on Tuesday and climbed to four-week tops, around the 113.40-45 region in the last hour.

After yesterday's directionless price-action, the pair caught some fresh bids and cautiously built on its post-NFP positive momentum to move beyond the 113.35 immediate hurdle.

A mildly positive tone around equity markets, which tends to weigh on the Japanese Yen's safe-haven status, was eventually seen as one of the key factors driving the pair higher.

Meanwhile, the US Dollar remained stuck in a tight range ahead of the US midterm elections and did little to provide any meaningful impetus, though remained supportive of the up-move.

Technical levels to watch

Any subsequent up-move is likely to confront immediate resistance near the 113.65 level, above which the pair seems all set to aim towards reclaiming the 114.00 round figure mark.

On the flip side, the 113.20 level, closely followed by the 113.00 handle now seems to protect the immediate downside, which if broken might prompt some fresh weakness back towards the 112.60-50 support area.

Source : Fxstreet


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