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USD/JPY and another attempt to 113.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Japanese currency keeps its bearish tone on Tuesday, with USD/JPY now bouncing off session lows towards the 113.00 handle.

    USD/JPY lower post-BoJ, US data

    The pair has so far surrendered weekly gains and remains poised for further downside in light of the renewed buying interest around the safe haven JPY, which has gathered further traction despite the unchanged stance by the BoJ at today’s meeting.

    Spot has dropped further following mixed results from today’s US calendar, and remains vulnerable ahead of tomorrow’s inflation figures measured by the CPI and the key FOMC meeting, where consensus expects the Committee to remain ‘on hold’ this time.

    USD/JPY levels to watch

    As of writing the pair is losing 0.75% at 112.96 and a breakdown of 112.14 (low Mar.1) would aim for 110.98 (low Feb.11) and finally 105.18 (monthly low Oct.2014). On the other hand, the next up barrier lines up at 114.56 (high Mar.3) ahead of 114.89 (high Feb.16) and then 115.09 (38.2% Fibo of 121.70-110.98).

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