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USD/JPY off lows, back around 109.60 Pablo Piovano

11:23 23 May /2016 Forex

USD/JPY has managed to leave daily lows in the 109.40 area and climb to the current 109.60 region as the greenback trimmed part of its earlier looses.

USD/JPY attention to Fedspeak

The recent rally in the US dollar has seen its strength diminished overnight, sending spot to break below the psychological handle at 110.00 and drop as low as the 109.40 area.

JPY has gained further interest after Japanese trade surplus has come in stronger than expected at ¥824 billion during April, although exports and imports have contracted more than estimated.

USD/JPY levels to watch

As of writing the pair is retreating 0.45% at 109.63 facing the immediate support at 108.61 (20-day sma) ahead of 105.52 (2016 low May 3) and then 105.18 (monthly low Oct.2014). On the other hand, a break above 110.25 (55-day sma) would open the door to 111.92 (high Apr.28) and finally 112.78 (100-day sma).

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