USD JPY Return to highs
11/21/2016 10:12:52 AM
The dollar expanded its post-US presidential election upward trajectory, with the USD/JPY pair removing all of its early weakness to session through level of 110.67.
Currently trading at a fresh session peak, around 111.10 level, the pair trapped fresh bids after unsatisfactory release of Japan's trade balance data that showed a sharper than anticipated contraction in the country's exports and imports during the month of October.
In the meantime, Offensive fiscal provocation hopes from Trump administration, coupled with December Fed rate-hike expectations, continues to reinforce the dollar and attract buying interest on every minor pull-back, thus limiting any immediate sharp downslide.
From current levels 111.47 is probable to act as immediate persistence above which the pair is likely to aim towards April highs persistence near 111.90 region before trying to reclaim 112.10 handle. On the downside, 110.67 now appears to protect immediate downside, which if broken could drag the pair back towards 110.18 support area ahead of 110.05 psychological mark support.
Fundamental Analysis
by FxErvin
