USD/JPY drops toward 117.00 on a quiet session

USD/JPY dropped to 117.15, reaching a fresh 2-day low. The pair was trading sideways, in a range between 117.27 and 117.50 before breaking to the downside. 

Currently, USD/JPY is trading at 117.30, 25 pips below yesterday’s closing price, is headed toward a modest weekly lost. The Japanese yen is among the top performers in the currency market, on a quiet, low volume session. In Wall Street, equity prices are flat with the Dow Jones hovering modestly above 19,900. 

The pair is lower on Friday, despite better-than-expected US economic data: new home sales rose 5.2% in November (vs 2.1% of market consensus) and the Michigan Consumer Sentiment index rose from 98.0 to 98.2. 

Technical levels

To the upside resistance levels might be located at 117.50 (European session high), 117.85/90 (Dec 22 high) and 118.25 (Dec 20 high). On the opposite direction, support could be seen at 117.15 (daily low), 117.00 (psychological) and 116.55.