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USD/JPY: about to confirm double bottom? - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Ani Salama, economist at FXStreet explained that USD/JPY continued to recover from 2-week lows on Thursday as the dollar benefited from upbeat durable goods orders report, while broad JPY-weakness fueled the upside.

    Key Quotes:

    "The pair climbed to a high of 113.01 during the American session helped by the positive tone in stocks but failed to consolidate above the psychological level.

    From a technical perspective, indicators in 1 hour chart are heading higher above their mid-lines while spot hovers above a bullish 20-SMA, all of which suggests the pair might extend the bounce. Indicators in the 4 hours chart also favor a steeper recovery, with 113.50, 23.6% retracement of the 121.68/110.97 fall, as key level.

    A break above 113.50 will be a positive sign, confirming the double bottom at the 110.97/111.00 area."
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