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USD/JPY at session lows as Stoxx 50 futures drop

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone on the JPY gathered pace, pushing the USD/JPY pair to a low of 116.50 as the European Stoxx 50 futures indicate continuation of risk aversion ahead.

    Rejected at 5-DMA

    The pair failed to sustain above the 5-DMA at 117.31 earlier today and ran into fresh offers. The Japanese Yen is one of the major beneficiary of the ongoing risk aversion the markets. The Asian equity stayed risk averse and the European index futures are indicating risk aversion as well.

    Hence, the pair fell to a session low of 116.50 and now hovers around 116.60 levels. The Euro Stoxx 50 futures currently indicate the stock markets are likely to open at least 1% lower on the day.

    USD/JPY Technical Levels

    The immediate resistance is seen at 117.00, above which the pair could revisit the daily high of 117.48. On the other hand, a break below 116.50 (daily low + Jan 15 low) would open doors for a re-test of the previous session’s low of 115.97.
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