- USD/JPY steady in a small range, on a quiet trading session.
- Wall Street futures decline but offer no boost to the yen.
The USD/JPY pair trades steady close to the 113.00 area, consolidating modest daily losses on a quiet session. Wall Street is closed so price action is limited on a low volume session.
Earlier today, USD/JPY bottomed at 112.87 and then bounced to the upside but failed to break above 113.00. As of writing trades at 112.95 on a holiday’s mood. Price action in small range could continue until Friday’s Asian session. On Friday, Wall Street is due to an early close so volatility could also remain limited.
Recently, US stock index futures dropped further hitting fresh weekly lows. The move to the downside did not offer any boost to the yen that usually appreciates on the back of risk aversion.
USD/JPY Levels to watch
To the upside, resistance levels might be located at 113.00, 113.15 (Nov 21 high), 113.35 and 113.65 (Nov 9, 12 low). On the downside, support is seen at 112.85/90 (Nov 22 low), 112.60 (Nov 21 low) and 112.30 (Nov 20 low).
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