USD/JPY relentless and 122 stands as realistic fundamentally

FXStreet (Guatemala) – USD/JPY is trading at 121.62, up 0.14% on the day, having posted a daily high at 121.85 and low at 121.46.

USD/JPY is making new grounds but this time, not just on the back of a market favoring the USD on American economic developments ( Nonfarm payrolls catalyst for recent spike) or general technical bullishness, but this now becomes a sell off in the Yen due to the latest final GDP from Japan at -0.5% and even worse than the preliminary that was published previously.

USD/JPY noteworthy levels

With spot trading at 121.62, we can see next resistance beyond the psychological handle of 120, 122.20 (Daily Classic R1) and 122.81 (Weekly Classic R1). To the downside, we opened at 121.46 and there is not a great deal of support except sheer bullishness from 120.60.