USD/JPY back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    USD/JPY surrendered completely its early gains and completed a round trip to the 114.25 area, still unable to consolidate above the 114.00 level.

    USD/JPY reached an intraday high of 114.26 before turning back south, accelerating the retreat after the release of mixed US data. The dollar hit a daily low of 113.29 and it was last trading around 113.50, virtually unchanged on the day.

    In the absence of surprises, FX market could enter a consolidation phase ahead of the US nonfarm payrolls report, which is expected to show a 190K job gain in february.

    USD/JPY levels to watch

    In terms of technical levels, immediate supports could be found at 113.04/00 (10-day SMA/psychological level), 112.15 (Mar 1 low) ahead of key 111.03/110.97 (Feb 24 low/2016 low Feb 11). On the flip side, resistances are seen at 114.54 (Mar 2 high), 114.86 (Feb 16 high), 115.05 (38.2% Fibo of 121.68/110.97 decline) and 115.84 (Feb 9 high).
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