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USD/JPY holds above 123, weakness only on breaks below 122.90

FX:USDJPY   U.S. Dollar / Japanese Yen
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USD/JPY spot remains contained by 122.26-123.77 2/3 week range, repeated failures below 122. 40 which is 23.6% Fib retrace of 118.07-123.77 rise means bias marginally on upside.

China trade data-led risk-off supported the Japanese Yen higher, which snaped losses and edged higher against USD.

China trade balance came in at ($54.1B, below expectations at $63.3B in November. Exports declined more than previous, coming at -3.7% against a -2.9% drop expected. Dismal data refuelled concerns over the health of China’s economy.

USD/JPY fell as low as 122.99, but downside found support by daily Tenkan at 122.99, the pair has pared losses to currently trade at 123.07.

Daily Techs point South, breaks below 122.90 could see further falls which could provide good entry points. We would wait for dips to go long.

Resistance Levels:

R1: 123.56 (Daily High Dec 3)

R2: 123.68 (Daily High Dec 2)

R3: 123.77 (Daily High Nov 18)

Support Levels:

S1: 122.99 (Tenkan-Sen)

S2: 122.48 (Daily Low Dec 4)

S3: 122.30 (Daily Low Dec 3)

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