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USD/JPY: Bears fight back control, reverts to 15-month lows below 113

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USD/JPY fell deep in the red again and revisited fresh fifteen-month lows, having faced rejection at 113 handle over the last hours.

    USD/JPY supported at 112.50

    The major’s tepid bounce from multi-month lows met fresh supply near 113 handle, sending the pair back near 112.55 region. At time of writing, USD/JPY trades at 112.65, recording a -0.61% loss on the day.

    The USD/JPY pair drifted lower largely on the back of a technical selling after the prices failed to hold resist 113 handle, while a fresh bout of buying interest emerged in the safe-havens as investors scrambled for safety bets amid looming global market uncertainties, especially over Fed’s interest rates outlook, despite Yellen’s efforts to the Fed’s monetary policy stance intact.

    In the day ahead, markets await the second round of Fed Chair Yellen’s testimony for fresh cues, while from the data front; we have the usual US weekly jobless claims on the cards.

    USD/JPY Technical levels to watch

    In terms of technicals, the immediate resistance is located at 113.40/ 60 (1h 10-SMA/ daily high). A break above the last, the major could test 113.88/114.08 (daily pivot/ 1h 20-SMA). While to the downside, the immediate support is seen at 122.55/41 (Daily low/ Nov 2014 Low) and below that at 112 (round number/ Oct 2014 levels).
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