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USD/JPY - which way from here?

FX:USDJPY   U.S. Dollar/Japanese Yen
367 0 6
Fed speakers on Thursday have not been dollar friendly, with concerns over inflation and timings of a rate hike. Stanley Fischer, spoke about incorporating financial stability into monetary policy , suggesting downward pressure on inflation related to energy will fade.

The dollar was boradly weaker earlier on the day, on the defensive against safe havens such as yen, Swiss franc as risk appetite diminished on tumbling equities . Asian indices vulnerable on Friday after commodity prices plunged to multi-year lows.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, led by losses in resource             shares. Japan's Nikkei average unofficially closed down 0.51 pct at 19,596.91. European indices also trading lower on the day

USD/JPY             is currently trading at 122.76 with low of 122.50 and a high of 122.77 till now. It had scaled a 2-1/2-month high of 123.60 early this week after a bullish U.S. jobs report heightened prospects of the Federal Reserve hiking interest rates in December.

Expectation is for a bullish resumption in the days ahead, Tenkan and kijun lines are positively aligned, Tenkan line is on the rise, currently supportive @122.10, break above 122.84 will see the pair at 123.60 initially and further at 124 levels

Break below trendline support at 122.45 will accentuate weakness. Bears could target 121.70 initially and then 121.50 (38.2 % Fibo retracement of 118.05 to 123.60 rise)

Markets will focus on further data from the U.S docket today. Close attention will be on retails sales, expectations are for a rise to 0.4% in October vs -0.3% in September.

Resistance Levels:

R1: 122.87 (Nov 11 highs)

R2: 123 (psychological levels and trendline resistance)

R3: 123.29 (Nov 10 high)

Support Levels:

S1: 122.45 ( trendline support)

S2: 122.25 (10 DMA)

S3: 122.10 (Tenkan-Sen)

S4: 121.50 (38.2 % Fibo retracement of 118.05 to 123.60 rise)
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