USD/JPY jumps above 136.00, extending recovery from two-month lows

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  • Dollar gains momentum across the board, DXY turns positive.
  • US economic data shows numbers above market consensus.
  • USD/JPY bullish in the very short term.

USD/JPY broke above 135.50 and jumped above 136.00 extending the rally from multi-month lows. The dollar is generally higher on the back of better-than-expected economic data and rising Treasury yields.

The dollar strengthens further after the US data.

US economic data beat expectations on Monday, helping the dollar. The S&P Global Composite PMI was revised from a preliminary reading of 46.3 to 46.4 in November. Factory orders in October rose 1% beating expectations for a 0.7% increase. The November ISM Services PMI rose from 54.4 to 56.5. The prices paid index fell from 70.7 to 70.

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The Dollar Index (DXY) rose 0.40% after touching the 104.11 level on Monday, the lowest level since June. The more positive tone around the dollar helped push USD/JPY higher.

The pair broke above 135.50 and rose to 136.40, hitting the highest level since Thursday. It is holding near the high, with the bullish momentum intact. The next resistance zone is around 136.60, followed by 137.00.

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136.00 has become immediate support, followed by 135.50/55. The recovery of the dollar is being supported by the indicators on the 4 hour chart with the RSI moving north, breaking the 30 level and the Impulse turning higher as well. Based on the indicators, more gains appear likely before a further leg down.

technical levels

USD/JPY

Overview
Last price today 136.17
Today I change daily 1.86
Today’s daily change in % 1.38
today’s daily opening 134.31
Trends
daily SMA20 140.16
daily SMA50 144.14
daily SMA100 141.14
daily SMA200 134.51
levels
previous daily high 135.98
previous daily low 133.62
Previous Weekly High 139.9
previous weekly low 133.62
Previous Monthly High 148.82
Previous monthly minimum 137.5
Daily Fibonacci of 38.2% 134.52
Daily Fibonacci of 61.8% 135.08
Daily Pivot Point S1 133.29
Daily Pivot Point S2 132.28
Daily Pivot Point S3 130.93
Daily Pivot Point R1 135.65
Daily Pivot Point R2 137
Daily Pivot Point R3 138.01

Source: Fx Street

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